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going to the public as a limited company, aren't they?" Dorrington asked casually.

Stedman nodded, with a little grimace.

"You don't think it's a good thing, perhaps," Dorrington said, noticing the grimace. "Is that so?"

"Well," Stedman answered, "of course I can't say. I don't know much about the firm—nobody does, as far as I can tell—but they seem to have got a business together in almost no time; that is, if the business is as genuine as it looks at first sight. But they want a rare lot of capital, and then the prospectus—well, I've seen more satisfactory ones, you know. I don't say it isn't all right, of course, but still I shan't go out of my way to recommend any friends of mine to plunge on it."

"You won't?"

"No, I won't. Though no doubt they'll get their capital, or most of it. Almost any cycle or tyre company can get subscribed just now. And this 'Avalanche' affair is both, and it is so well advertised, you know. Lant has been winning on their mounts just lately, and they've been booming it for all they're worth. By Jove, if they could only screw him up to win the fifty miles on Saturday, and beat our man Gillett, that would give them a push! Just at the correct moment too. Gillett's never been beaten yet at the distance, you know. But Lant can't do it—though, as I have said, he'll make some fast riding—it'll be a race, I tell you!"

"I should like to see it."

"Why not come? See about it, will you? And perhaps you'd like to run down to the track after dinner this evening and see our man training—awfully interesting, I can tell you, with all the pacing machinery and that. Will you come?"

Dorrington expressed himself delighted, and suggested that Stedman should dine with him before going to the track. Stedman, for his part, charmed with his new acquaintance—as everybody was at a first meeting with Dorrington—assented gladly.

At that moment the door of Stedman's room was pushed open and a well-dressed, middle-aged man, with a shaven, flabby face, appeared. "I beg pardon," he said, "I thought you were alone. I've just ripped my finger against the handle of my brougham door as I came in—the screw sticks out. Have you a piece of sticking plaster?" He extended a bleeding finger as he spoke. Stedman looked doubtfully at his desk.

"Here is some court plaster," Dorrington exclaimed, producing his pocket-book. "I always carry it—it's handier than ordinary sticking plaster. How much do you want?"

"Thanks—an inch or so."

"This is Mr. Dorrington, of Messrs. Dorrington & Hicks, Mr. Mallows," Stedman said. "Our managing director, Mr. Paul Mallows, Mr. Dorrington."

Dorrington was delighted to make Mr. Mallows's acquaintance, and he busied himself with a careful strapping of the damaged finger. Mr. Mallows had the large frame of a man of strong build who has had much hard bodily work, but there hung about it the heavier, softer flesh that told of a later period of ease and sloth. "Ah, Mr. Mallows," Stedman said, "the bicycle's the safest thing, after all! Dangerous things these broughams!"

"Ah, you younger men," Mr. Mallows replied, with a slow and rounded enunciation, "you younger men can afford to be active. We elders——"

"Can afford a brougham," Dorrington added, before the managing director began the next word. "Just so—and the bicycle does it all; wonderful thing the bicycle!"

Dorrington had not misjudged his man, and the oblique reference to his wealth flattered Mr. Mallows. Dorrington went once more through his report as to the spoke patent, and then Mr. Mallows bade him good-bye.

"Good-day, Mr. Dorrington, good-day," he said. "I am extremely obliged by your careful personal attention to this matter of the patent. We may leave it with Mr. Stedman now, I think. Good-day. I hope soon to have the pleasure of meeting you again." And with clumsy stateliness Mr. Mallows vanished.

II

"So you don't think the 'Avalanche' good business as an investment?" Dorrington said once more as he and Stedman, after an excellent dinner, were cabbing it to the track.

"No, no," Stedman answered, "don't touch it! There's better things than that coming along presently. Perhaps I shall be able to put you in for something, you know, a bit later; but don't be in a hurry. As to the 'Avalanche,' even if everything else were satisfactory, there's too much 'booming' being done just now to please me. All sorts of rumours, you know, of their having something 'up their sleeve,' and so on; mysterious hints in the papers, and all that, as to something revolutionary being in hand with the 'Avalanche' people. Perhaps there is. But why they don't fetch it out in view of the public subscription for shares is more than I can understand, unless they don't want too much of a rush. And as to that, well they don't look like modestly shrinking from anything of that sort up to the present."

They were at the track soon after seven o'clock, but Gillett was not yet riding. Dorrington remarked that Gillett appeared to begin late.

"Well," Stedman explained, "he's one of those fellows that afternoon training doesn't seem to suit, unless it is a bit of walking exercise. He just does a few miles in the morning and a spurt or two, and then he comes on just before sunset for a fast ten or fifteen miles—that is, when he is getting fit for such a race as Saturday's. To-night will be his last spin of that length before Saturday, because to-morrow will be the day before the race. To-morrow he'll only go a spurt or two, and rest most of the day."

They strolled about inside the track, the two highly "banked" ends whereof seemed to a nearsighted person in the centre to be solid erect walls, along the face of which the training riders skimmed, fly-fashion. Only three or four persons beside themselves were in the enclosure when they first came, but in ten minutes' time Mr. Paul Mallows came across the track.

"Why," said Stedman to Dorrington, "here's the Governor! It isn't often he comes down here. But I expect he's anxious to see how Gillett's going, in view of Saturday."

"Good evening, Mr. Mallows," said Dorrington. "I hope the finger's all right? Want any more plaster?"

"Good evening, good evening," responded Mr. Mallows heavily. "Thank you, the finger's not troubling me a bit." He held it up, still decorated by the black plaster. "Your plaster remains, you see—I was a little careful not to fray it too much in washing, that was all." And Mr. Mallows sat down on a light iron garden-chair (of which several stood here and there in the enclosure) and began to watch the riding.

The track was clear, and dusk was approaching when at last the great Gillett made his appearance on the track. He answered a friendly question or two put to him by Mallows and Stedman, and then, giving his coat to his trainer, swung off along the track on his bicycle, led in front by a tandem and closely attended by a triplet. In fifty yards his pace quickened, and he settled down into a swift even pace, regular as clockwork. Sometimes the tandem and sometimes the triplet went to the front, but Gillett neither checked nor heeded as, nursed by his pacers, who were directed by the trainer from the centre, he swept along mile after mile, each mile in but a few seconds over the two minutes.

"Look at the action!" exclaimed Stedman with enthusiasm. "Just watch him. Not an ounce of power wasted there! Did you ever see more regular ankle work? And did anybody ever sit a machine quite so well as that? Show me a movement anywhere above the hips!"

"Ah," said Mr. Mallows, "Gillett has a wonderful style—a wonderful style, really!"

The men in the enclosure wandered about here and there on the grass, watching Gillett's riding as one watches the performance of a great piece of art—which, indeed, was what Gillett's riding was. There were, besides Mallows, Stedman, Dorrington and the trainer, two officials of the Cyclists' Union, an amateur racing man named Sparks, the track superintendent and another man. The sky grew darker, and gloom fell about the track. The machines became invisible, and little could be seen of the riders across the ground but the row of rhythmically working legs and the white cap that Gillett wore. The trainer had just told Stedman that there would be three fast laps and then his man would come off the track.

"Well, Mr. Stedman," said Mr. Mallows, "I think we shall be all right for Saturday."

"Rather!" answered Stedman confidently. "Gillett's going great guns, and steady as a watch!"

The pace now suddenly increased. The tandem shot once more to the front, the triplet hung on the rider's flank, and the group of swishing wheels flew round the track at a "one-fifty" gait. The spectators turned about, following the riders round the track with their eyes. And then, swinging into the straight from the top bend, the tandem checked suddenly and gave a little jump. Gillett crashed into it from behind, and the triplet, failing to clear, wavered and swung, and crashed over and along the track too. All three machines and six men were involved in one complicated smash.

Everybody rushed across the grass, the trainer first. Then the cause of the disaster was seen. Lying on its side on the track, with men and bicycles piled over and against it, was one of the green painted light iron garden-chairs that had been standing in the enclosure. The triplet men were struggling to their feet, and though much cut and shaken, seemed the least hurt of the lot. One of the men of the tandem was insensible, and Gillett, who from his position had got all the worst of it, lay senseless too, badly cut and bruised, and his left arm was broken.

The trainer was cursing and tearing his hair. "If I knew who'd done this," Stedman cried, "I'd pulp him with that chair!"

"Oh, that betting, that betting!" wailed Mr. Mallows, hopping about distractedly; "see what it leads people into doing! It can't have been an accident, can it?"

"Accident? Skittles! A man doesn't put a chair on a track in the dark and leave it there by accident. Is anybody getting away there from the outside of the track?"

"No, there's nobody. He wouldn't wait till this; he's clear off a minute ago and more. Here, Fielders! Shut the outer gate, and we'll see who's about."

But there seemed to be no suspicious character. Indeed, except for the ground-man, his boy, Gillett's trainer, and a racing man, who had just finished dressing in the pavilion, there seemed to be nobody about beyond those whom everybody had seen standing in the enclosure. But there had been ample time for anybody, standing unnoticed at the outer rails, to get across the track in the dark, just after the riders had passed, place the obstruction, and escape before the completion of the lap.

The damaged men were helped or carried into the pavilion, and the damaged machines were dragged after them. "I will give fifty pounds gladly—more, a hundred," said Mr. Mallows, excitedly, "to anybody who will find out who put that chair on the track. It might have ended in murder. Some wretched bookmaker, I suppose, who has taken too many bets on Gillett. As I've said a thousand times, betting is the curse of all sport nowadays."

"The governor excites himself a great deal about betting and bookmakers," Stedman said to Dorrington, as they walked toward the pavilion, "but, between you and me, I believe some of the 'Avalanche' people are in this. The betting bee is always in Mallows's bonnet, but as a matter of fact there's very little betting at all on cycle races, and what there is is little more than a matter of half-crowns or at most half-sovereigns on the day of the race. No bookmaker ever makes a heavy book first. Still there may be something in it this time, of course. But look at the 'Avalanche' people. With Gillett away their man can certainly win on Saturday, and if only the weather keeps fair he can almost as certainly beat the record; just at present the fifty miles is fairly easy, and it's bound to go soon. Indeed, our intention was that Gillett should pull it down on Saturday. He was a safe winner, bar accidents, and it was good odds on his altering the record, if the weather were any good at all. With Gillett out of it Lant is just about as certain a winner as our man would be if all were well. And there would be a boom for the 'Avalanche' company, on the very eve of the share subscription! Lant, you must know, was very second-rate till this season, but he has improved wonderfully in the last month or two, since he has been with the 'Avalanche' people. Let him win, and they

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