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 undercurrent of anxiety which surged through him like a torrent.

But Simon was not to be deflected from his train of thought by a jest, and went right on. "Old Stephen Gilman left his estate in pretty good shape, you know—easy for his wife to handle—nearly all of it in preferred stocks and high class bonds. More than three million dollars of it."

"So they have told me," answered George with a nod, lowering his cigar while he wondered what the old man might be getting at.

"Interest rates have risen a good deal since Stephen put away most of that stuff," continued the older man. "The way bonds are going now, that money could be put into industrials just as well as not and earn from three-quarters to one and a half per cent. more than it's earning now. One and a half per cent. on three millions is a lot. It's pretty near criminal not to take it."

"You think," said George, "it would be wise to convert and reinvest; is that the idea?"

Mr. Mumford did not answer George's question save by a nod, but at the same time he asked a question on his own account. "These bonds you're offering pay seven per cent, don't they, George?"

Suddenly George comprehended. "Mr. Mumford," he whispered hoarsely, gripping the co-executor's hand with both of his. "You mean