It had so happened, unfortunately, that in the course of this summer’s stay at Narragansett Berenice, among other diversions, had assumed a certain interest in one Lieutenant Lawrence Braxmar, U.S.N., whom she found loitering there, and who was then connected with the naval station at Portsmouth, New Hampshire. Cowperwood, coming East at this time for a few days’ stay in order to catch another glimpse of his ideal, had been keenly disturbed by the sight of Braxmar and by what his presence might signify. Up to this time he had not given much thought to younger men in connection with her. Engrossed in her personality, he could think of nothing as being able to stand long between him and the fulfilment of his dreams. Berenice must be his. That radiant spirit, enwrapt in so fair an outward seeming, must come to see and rejoice in him. Yet she was so young and airy in her mood that he sometimes wondered. How was he to draw near? What say exactly? What do? Berenice was in no way hypnotized by either his wealth or fame. She was accustomed (she little knew to what extent by his courtesy) to a world more resplendent in its social security than his own. Surveying Braxmar keenly upon their first meeting, Cowperwood had liked his face and intelligence, had judged him to be able, but had wondered instantly how he could get rid of him. Viewing Berenice and the Lieutenant as they strolled off together along a summery seaside veranda, he had been for once lonely, and had sighed. These uncertain phases of affection could become very trying at times. He wished he were young again, single. To-night, therefore, this thought was haunting him like a gloomy undertone, when at half past eleven the telephone rang once more, and he heard a low, even voice which said: “Mr. Cowperwood? This is Mr. Arneel.” “Yes.” “A number of the principal financial men of the city are gathered here at my house this evening. The question of ways and means of preventing a panic to-morrow is up for discussion. As you probably know, Hull & Stackpole are in trouble. Unless something is done for them tonight they will certainly fail to-morrow for twenty million dollars. It isn’t so much their failure that we are considering as it is the effect on stocks in general, and on the banks. As I understand it, a number of your loans are involved. The gentlemen here have suggested that I call you up and ask you to come here, if you will, to help us decide what ought to be done. Something very drastic will have to be decided on before morning.” During this speech Cowperwood’s brain had been reciprocating like a well-oiled machine. “My loans?” he inquired, suavely. “What have they to do with the situation? I don’t owe Hull & Stackpole anything.”