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TOM SWIFT AND HIS PHOTO TELEPHONE

friend had sealed the letter, and turned to him with a sigh. Then Tom said boldly:

"Mr. Damon, is it true that you're having hard luck—in money matters?"

"Why, yes, Tom, I'm afraid I am," was the quick answer. "But who told you?"

"Grant Halling. He was over to get me to fix his airship," and Tom briefly related what had happened.

"Oh, yes, I did mention the matter to him," went on Mr. Damon, and his tone was still listless. "So he told you; did he? Well, matters aren't any better, Tom. In fact, they're worse. I just had to write to a man who was asking for help, and I had to refuse him, though he needs it very much. The truth is I hadn't the money. Tom, I'm afraid I'm going to be a very poor man soon."

"Impossible, Mr. Damon! Why, I thought your investments——"

"I've made some bad ones of late, Tom. I've been pretty foolish, I'm afraid. I drew out some money I had in government bonds, and invested in certain stocks sold by a Mr. Shallock Peters."

"Shallock Peters!" cried Tom almost jumping out of his chair. "Why, I know him—I mean I've met him."