"Large short selling to-day in European bourses and in New York (comma) unexplainable on usual grounds (comma) is creating anxiety (period) Can scarcely be explained except on hypothesis that secret group of dealers have suddenly come into possession of information which leads them to consider the international situation ominous (period) Newspapers in ignorance of anything extraordinary (period) London and Paris evidently puzzled (period) Has situation developed new phases and in your opinion does it contain possible element of danger (period) Hasten reply." A full five minutes Daunt sat motionless, revolving the matter in all its bearings. An answer must be sent without delay. A part of that answer might be found in the departure of the Squadron. The newspapers had announced its receipt of sailing-orders, but the news had yet to be verified. The Naval Minister could give this verification. He went at once to the stables, where the carriage was about to start for the Ambassador. He sprang in. A little later he was at the Admiral's official residence and his chief was perusing the message. After a moment's thought the Ambassador read it aloud. Daunt had made a move to retire, but the Admiral stopped him. "Pray don't go yet," he said. "There is something I should like to say on this matter, and I count on your discretion, Mr. Daunt, as on His Excellency's. Since the American Government attaches significance to that peculiar incident, I think no harm can come from an exchange of opinion. It may help us both." He paused a moment, his foot tapping the floor. "The news contained in that telegram," he continued presently, "for the past two days has caused my Government great concern. Your Excellency will understand when I say that the particular objects of this attack (if I may so call it) are precisely those securities which would suffer most were Japan's peace or prosperity threatened. There has seemed to be a concurrence in it not purely fortuitous. Back of this selling is no mere opinion--it is too assured for that. Some interest or individual abroad is apparently banking heavily on a belief that Japan is about to enter a period of stress!" The Ambassador spoke for the first time. "_Abroad?_" he said shrewdly. The Admiral looked at him an instant without speaking. His expression changed swiftly. He rose and went quickly to the telephone in the next room. "He is talking with the Secret Service," said Daunt, in a low tone. In a few moments their host returned. There was something in his face that made the Ambassador's keen eye kindle. "The suggestion was most pertinent," he said. "There is one man in Japan who, exclusive of the commercial codes, has sent in the past two days cipher telegrams to New York, London and Berlin." He took a short turn about the room in some agitation. "Your Excellency," he said, stopping short, "I make a confident of you. That man is Doctor Bersonin."