“Surely,” said the colonel nonchalantly; and, producing his own fountain-pen and check-book, he wrote Johnny Gamble’s check, while Gamble wrote a transfer of his option.  Constance watched that unquestioning operation between the two gentlemen with puzzled brows.

“You’re not taking this matter to your lawyer, Colonel,” she observed.

“Certainly not!” he replied in surprise.  “I’ve known Johnny Gamble for years, and I’d take his word for my entire bank-account.”

“I must confess that business ethics has me more confused than ever,” laughed Constance.  “You just now accused Mr. Gamble of robbing you.”

It was the colonel’s turn to laugh.

“I’d have paid him sixty thousand,” he advised her, placing the option affectionately in his pocket-book.  “It’s worth that to me.  I’ve been afraid to broach the matter to Gresham for a month, for fear he’d want seventy-five when he found out I had to have it.  I’m getting it cheaper through Gamble.”

A fleeting trace of guilt upon Gresham’s countenance told that this surmise was the truth, and Constance shook her head.

“I don’t suppose I shall ever understand it,” she confessed.

“I don’t, myself,” observed Gamble, passing the colonel’s check between his fingers quite happily.  “I can loaf three hours now on that two-hundred-hour stunt, thanks to you, Gresham.”

“You had your start by luck,” Gresham reminded him.

“Not at all,” insisted Gamble cheerfully.  “I would have borrowed the money from the colonel to buy that option.  How’s that for ethics, Miss Joy?”

“It’s quite in keeping with your methods of the day,” rejoined Gresham.  “I still insist that you took an unfair advantage of me.”

The colonel, who regretted to be compelled to dislike anybody, turned upon Gresham a dissatisfied eye.

“Oh, play the game or stay out of it!” he advised.  “I’ll see you at my lawyer’s to-morrow at eleven.  Come with me a minute, Johnny.  I want you to meet a friend of mine who has a big real estate deal on tap, and he may not go back on our train to-night.”

Johnny Gamble made his adieus from the Boyden box with reluctance.  The horses were lining up at the barrier for the last race, and he might not return in time.  While he was bidding a thoroughly inadequate good-by to Constance, Loring came up hastily and called Polly from the box.

“Sammy Chirp called my attention to Gresham and Collaton talking together rather furtively down under the grandstand a few minutes ago,” he said.  “I have a curious impression that they mean harm to Gamble.”

“It was Gresham got the harm.  Johnny just beat him to a fifteen-thousand-dollar profit.”

“So that was it,” said Loring with a frown.  “Tell him to watch out.  They were about to attach his bank-account the last time he paid an unexpected note,” and he lounged into the box.

Polly followed Johnny Gamble when he started to rejoin the colonel.