“The speculation is safe and sure,” Herzog was saying.  “The shares are low, I know, because I have ceased to keep them up.  I have given orders in London, Vienna, and Berlin, and we are buying up all shares that are offered in the market.  I shall then run the shares up again, and we shall realize an enormous sum.  It is most simple.”

“But it is shady,” said the other voice.

“Why?  I defend myself as I am attacked.  The great banks seek to deteriorate my stock.  I buy in, and take it out of my adversaries.  Is it not just and lawful?”

Panine breathed freely and felt reassured.  The depreciation was caused by Herzog; he had just said so.  There was nothing to fear then.  It was just a trick of Herzog’s, and the company would come out brighter than ever.

Serge went in.

“Oh! here’s Prince Panine,” said Herzog.  “Ask him what he thinks of the matter.  I defer to his judgment.”

“I don’t want to know anything,” said Serge.  “I have full confidence in you, my dear manager, and our business will prosper in your hands, I am sure.  Besides, I know the manoeuvres of our opponents, and I think every financial means justifiable to answer them.”

“Ah!  What did I say to you a few minutes ago?” cried Herzog, addressing his questioner in a tone of triumph.  “Let me act and you will see.  Besides, I don’t want to keep you against your will,” he added, harshly.  “You are at liberty to withdraw from us if you like.”

The other protested that what he had said was for the best interests of all concerned.  He did not dream of leaving the company; on the contrary, they might rely on him.  He appreciated the experience and ability of Herzog too well to separate his fortune from his friend’s.  And, shaking hands with the financier, he took his leave.

“Come!  What is all this clamor in the newspapers?” asked Serge, when he found himself alone with Herzog.  “Do you know that the articles published are very perfidious?”

“All the more perfidious because they are founded on truth,” said the financier, coldly.

“What do you mean?” cried Serge, in alarm.

“The truth.  Do you think I am to tell you lies as I did to that idiot who has just gone out?  The Universal Credit has at this moment a screw loose.  But patience!  I have an idea, and in a fortnight the shares will have doubled in value.  I have a splendid scheme in hand which will kill the gas companies.  It is a plan for lighting by magnesium.  Its effect will be startling.  I shall publish sensational articles describing the invention in the London and Brussels papers.  Gas shares will fall very low.  I shall buy up all I can, and when I am master of the situation, I shall announce that the threatened gas companies are buying up the invention.  Shares will rise again, and I shall realize a goodly sum, which will be for the benefit of the Universal Credit.”

“But for such a formidable speculation foreign agents will require security?”