"What news have you?" eagerly inquired Mr. Markland. "Bad news, I am sorry to say," was answered. "What is its nature?" The face of Mr. Markland was of an ashen hue, and his lips quivered. "I fear we have been mistaken in our man," said Mr. Fenwick. "In Lyon?" "Yes. His last letters are of a very unsatisfactory character, and little in agreement with previous communications. We have, besides, direct information from a partly on the ground, that tends to confirm our worst fears." "Worst fears of what?" asked Markland, still strongly agitated. "Unfair--nay, treacherous--dealing." "Treachery!" "That word but feebly expresses all we apprehend." "It involves fearful meaning in the present case," said Markland, in a hoarse voice. "Fearful enough," said Fenwick, gloomily. "I was just on the eve of starting for the ground of the Company's operations, when your letter reached me this morning. An hour later, and I would have been on my journey southward," said Mr. Markland. "It is well that I wrote, promptly," remarked Fenwick. "You were, at least, saved a long and fruitless journey." "It will yet have to be taken, I fear," said Markland. Fenwick shook his head ominously, and muttered, half to himself--"Vain--vain!" "Will you state clearly, yet in brief, the nature of the information you have received from Mr. Lyon?" said Markland. "I comprehend nothing yet." "His last communication," was answered, "gives a hurried, rather confused account of the sudden flooding of the main shaft, in sinking which a large part of the capital invested has been expended, and the hopeless abandonment of the work in that direction." "Do you believe this statement?" asked Mr. Markland. "I have another letter from one of the party on the ground, bearing the same date." "What does he say?" "But little of the flooded shaft. Such an occurrence had, however, taken place, and the writer seemed to think it might require a steam-engine and pump to keep it clear, involving a delay of several months. The amount of water which came in was sufficient to cause a suspension of work, which he thought might be only temporary; but he could not speak with certainty in regard to that. But the most serious part of his communication is this:" Mr. Fenwick took a letter from his desk, and read:--