harold had been compelled to give up half his money, but he still had thirty dollars left. how should he invest it? that was the problem that occupied his thoughts. thus far he had not derived so much satisfaction from the possession of the money as he had anticipated. one thing, at any rate, he resolved. he would not spend it upon others, but wholly upon himself.

he stepped into a billiard saloon to enjoy his favorite pastime. in the absence of any companion he played a game with a man employed in the establishment, and, naturally, got beaten, though he was given odds. at the end of an hour he owed sixty cents, and decided not to continue.

"you play too well for me," he said, in a tone of disappointment.

"you had bad luck," answered his opponent, soothingly. "however, i can more than make it up to you."

"how?" inquired harold, becoming interested.

"a friend of mine has pawned his watch for fifteen dollars. it is a valuable gold watch--cost seventy-five. he could have got more on it, but expected to redeem it. he has been in bad luck, and finds it no use. he has put the ticket in my hands, and is willing to sell it for ten dollars. that will only make the watch cost twenty-five. it's a big bargain for somebody."

harold was much interested. he had always wanted a gold watch, and had dropped more than one hint to that effect within the hearing of aunt eliza, but the old lady had always said: "when you are eighteen, it will be time enough to think of a gold watch. till then, your silver watch will do."

harold took a different view of the matter, and his desire for a gold watch had greatly increased since a school friend about his own age had one. for this reason he was considerably excited by the chance that seems to present itself.

"you are sure the watch is a valuable one?" he asked.

"yes; i have seen it myself."

"then why don't you buy the ticket yourself?"

"i haven't the money. if i had, i wouldn't let anybody else have it."

"let me see the ticket."

the other produced it from his vest pocket, but, of course, this threw no light upon the quality of the watch.

"i can secure the watch, and have nearly five dollars left," thought harold. "it is surely worth double the price it will cost me, and then i shall have something to show for my money."

on the other hand, his possession of the watch would excite surprise at home, and he would be called upon to explain how he obtained it. this, however, did not trouble harold.

"i've a great mind to take it," he said, slowly.

"you can't do any better. to tell the truth, i hate to let it go, but i don't see any prospect of my being able to get it out myself, and my friend needs the money."

harold hesitated a moment, then yielded to the inducement offered.

"give me the ticket," he said. "here is the money."

as he spoke, he produced a ten-dollar bill. in return, the ticket was handed to him.

the pawnbroker, whose name was found on the ticket, was located less than fifteen minutes walk from the billiard saloon. harold, eager to secure the watch, went directly there.

"well, young man, what can i do for you?" asked a small man, with wrinkled face and blinking eyes.

"i want to redeem my watch. here is the ticket."

the old man glanced at the ticket, then went to a safe, and took out the watch. here were kept the articles of small bulk and large value.

harold took out fifteen dollars which he had put in his vest pocket for the purpose, and tendered them to the pawnbroker.

"i want a dollar and a half more," said the old man.

"what for?" asked harold, in surprise.

"one month's interest. you don't think i do business for nothing, do you?"

"isn't that high?" asked harold, and not without reason.

"it's our regular charge, young man. ten per cent a month--that's what we all charge."

this statement was correct. though the new york pawnbroker is allowed to charge but three per cent a month, his chicago associate charges more than three times as much.

there was nothing for it but to comply with the terms demanded, and harold reluctantly handed out the extra sum.

"you ought to have a watch chain, my friend," said the pawnbroker.

"i should like one, but i cannot afford it."

"i can give you a superior article--rolled gold--for a dollar."

"let me see it!"

the chain was displayed. it looked very well; and certainly set off the watch to better advantage.

harold paid down the dollar, and went out of the pawn broker's with a gold watch, and chain of the same color, with only two dollars left of his ill-gotten money. this was somewhat inconvenient, but he rejoiced in the possession of the watch and chain.

"now ralph kennedy can't crow over me," he soliloquized. "i've got a gold watch as well as he."

as he left the pawnbroker's, he did not observe a familiar face and figure on the opposite side of the street. it was warner powell, his mother's brother, who recognized, with no little surprise, his nephew, coming from such a place.

"what on earth has carried harold to a pawn broker's?" he asked himself.

then he caught sight of the watch chain, and got a view of the watch, as harold drew it out ostentatiously to view his new acquisition.

"there is some mystery here," he said to himself. "i must investigate."

he waited till harold was at a safe distance, then crossed the street, and entered the pawnbroker's.

"there was a boy just went out of here," he said to the old man.

"suppose there was," returned the pawnbroker, suspiciously.

"what was he doing here?"

"is that any of your business?"

"my friend, i have nothing to do with you, and no complaint to make against you, but the boy is my nephew, and i want to know whether he got a watch and chain here."

"yes; he presented a ticket, and i gave him the watch."

"is it one he pawned himself?"

"i don't know. he had the ticket. i can't remember everybody that deals with me."

"can you tell me how much the watch and chain were pawned for?"

"the watch was pawned for fifteen dollars. i sold him the chain for a dollar."

"all right. thank you."

"it's all right?"

"yes, so far as you are concerned. how long had the watch been in?"

"for three weeks."

warner powell left the shop, after obtaining all the information he required.

"it is harold who robbed aunt eliza," he said to himself. "i begin to think my precious nephew is a rogue."

meanwhile, harold, eager to ascertain the value of his watch, stepped into a jeweler's.

"can you tell me the value of this watch?" he inquired.

the jeweler opened it, and after a brief examination, said: "when new it probably cost thirty-five dollars."

harold's countenance fell.

"i was told that it was a seventy-five dollar watch," he said.

"then you were cheated."

"but how can such a large watch be afforded for thirty-five dollars?"

"it is low-grade gold, not over ten carats, and the works are cheap. yet, it'll keep fair time."

harold was very much disappointed.