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the appearance of monstrous piratical strength. They would awe Walden thoroughly. And then they'd go on, faithfully leaving similar letters and similar impressions on Krim, and Lohala, and Tralee, and Famagusta, and throughout the Coalsack stars until the stock of addressed missives ran out. They would perform this kindly act out of gratitude to Hoddan.

And every planet they visited would be left with the impression that the fleet overhead was that of bloodthirsty space-marauders who would presently send single ships to collect loot—which must be yielded without resistance. Such looting expeditions were to be looked for regularly and must be submitted to under penalty of unthinkable retribution from the monster fleet of space.

Now, as the yacht descended on Walden, it represented that mythical but impressive piratical empire of Hoddan's contrivance. He listened with genuine pleasure to the broadcasts. When low enough, he even picked up the pictures of highways thronged with fugitives from the to-be-looted town. He saw Waldenian police directing the traffic of flight. He saw other traffic heading toward the city. Walden was the most highly civilized planet in the Nurmi Cluster, and its citizens had had no worries at all except about tranquilizers to enable them to stand it. When something genuinely exciting turned up, they wanted to be there to see it.

The yacht descended below the clouds. Hoddan turned on an emergency flare to make a landing by. Sitting in the control room he saw his own ship as the broadcast cameras picked it up and relayed it to millions of homes. He was impressed. It was a glaring eye of fierce light, descending deliberately with a dark and mysterious spacecraft behind it. He heard the chattered on-the-spot news accounts of the happening. He saw the people who had not left Ensfield joined by avid visitors. He saw all of them held back by police, who frantically shepherded them away from the area in which the pirates should begin their horrid work.

Hoddan even watched pleasurably from his control room as the broadcast cameras daringly showed the actual touch-down of the ship; the dramatic slow opening of its entrance port: the appearance of authentic pirates in the opening, armed to the teeth, bristling ferociously, glaring about them at the here-silent, here-deserted streets of the city left to their mercy.

It was a splendid broadcast. Hoddan would have liked to stay and watch all of it. But he had work to do. He had to supervise the pirate raid.

It was, as it turned out, simple enough. Looting parties of three pirates each moved skulking about, seeking plunder. Quaking cameramen dared to ask them, in shaking voices, to pose for the news cameras. It was a request no Darthian gentleman, even in an act of piracy, could possibly refuse. They posed, making pictures of malignant ruffianism.

Commentators, adding informed comment to delectably thrilling pictures, observed that the pirates wore Darthian costume, but observed crisply that this did not mean that Darth as an entity had turned pirate, but only that some of her citizens had joined the pirate fleet.

The camera crews then asked apologetically if they would permit themselves to be broadcast in the act of looting. Growling savagely for their public, and occasionally adding even a fiendish "Ha!" they obliged. The camera crews helped pick out good places to loot for the sake of good pictures. The pirates co-operated in fine dramatic style. Millions watching vision sets all over the planet shivered in delicious horror as the pirates went about their nefarious enterprise.

Presently the press of onlookers could not be held back by the police. They surrounded the pirates. Some, greatly daring, asked for autographs. Girls watched them with round, frightened, fascinated eyes. Younger men found it vastly thrilling to carry burdens of loot back to the pirate ship for them. Thal complained hoarsely that the ship was getting overloaded. Hoddan ordered greater discrimination, but his pirates by this time were in the position of directors rather than looters themselves. Romantic Waldenian admirers smashed windows and brought them treasure, for the reward of a scowling acceptance.

Hoddan had to call it off. The pirate ship was loaded. It was then the center of an agitated, excited, enthusiastic crowd. He called back his men. One party of three did not return. He took two others and fought his way through the mob. He found the trio backed against a wall while hysterically adoring girls struggled to seize scraps of their garments for mementos of real, live pirates looting a Waldenian town!

But Hoddan got them back to the ship, in confusion tending toward the blushful. Their clothes were shreds. He fought a way clear for them to get into the ship. He fought his way in. Cheers rose from the onlookers. He got the landing port shut only by the help of police who kept pirate fans from having their fingers caught in its closing.

Then the piratical space yacht rose swiftly toward the stars.

An hour later there was barely any diminution of the excitement inside the ship. Darthian gentlemen all, Hoddan's followers still gazed and floated over the plunder tucked everywhere. It crowded the living quarters. It threatened to interfere with the astrogation of the ship. Hoddan came out of the control room and was annoyed.

"Break it up!" he snapped. "Pack that stuff away somewhere! What do you think this is?"

Thal gazed at him abstractedly, not quite able to tear his mind and thoughts from this completely unimaginable mass of plunder. Then intelligence came into his eyes—as much as could appear there. He grinned suddenly. He slapped his thigh.

"Boys!" he gurgled. "He don't know what we got for him!"

One man looked up. Two. They beamed. They got to their feet, dripping jewelry. Thal went ponderously to one of the two owners' staterooms the yacht contained. At the door he turned, expansively.

"She came to the port," he said exuberantly, "and said we were wearin' clothes like they wore on Darth. Did we come from there? I said we did. Then she said did we know somebody named Bron Hoddan on Darth? And I said we did and if she'd step inside the ship she'd meet you. And here she is!"

He unfastened the stateroom door, which had been barred from without. He opened it. He looked in, and grabbed, and pulled at something. Hoddan went sick with apprehension. He groaned as the something inside the stateroom sobbed and yielded.

Thal brought Nedda out into the saloon of the yacht. Her nose and eyes were red from terrified weeping. She gazed about her in purest despairing horror. She did not see Hoddan for a moment. Her eyes were filled with the brawny, mustachioed piratical figures who were Darthian gentlemen and who grinned at her in what she took for evil gloating.

She wailed.

Hoddan swallowed, with much difficulty, and said sickly:

"It's all right, Nedda. It was a mistake. Nothing will happen to you. You're quite"—and he knew with desperate certainty that it was true—"safe with me!"

And she was.

XII

Hoddan stopped off at Krim by landing grid, to consult his lawyers. He felt a certain amount of hope of good results from his raid on Walden, but he was desperate about Nedda. Once she was confident of her safety under his protection, she took over the operation of the spaceship. She displayed an overwhelming saccharinity that was appalling. She was sweetness and light among criminals who respectfully did not harm her, and she sweetened and lightened the atmosphere of the space yacht until Hoddan's followers were close to mutiny.

"It ain't that I mind her being a nice girl," one of his mustachioed Darthians explained almost tearfully to Hoddan, "but she wants to make a nice girl out of me!"

Hoddan, himself, cringed from her society. He could gladly have put her ashore on Krim with ample funds to return to Walden. But she was prettily, reproachfully helpless. If he did put her ashore, she would confide her kidnaping and the lovely behavior of the pirates until nobody would believe in them any more—which would be fatal.

He went to his lawyers, brooding. The news astounded him. The emigrant fleet had appeared over Krim on the way to Walden. Before it appeared, Hoddan's affairs had been prosperous enough. Right after his previous visit, news had come of the daring piratical raid which captured a ship off Walden. This was the liner Hoddan'd brought in to Krim. All merchants and ship owners immediately insured all vessels and goods in space transit at much higher valuations. The risk-insurance stocks bought on Hoddan's account had multiplied in value. Obeying his instructions, his lawyers had sold them out and held a pleasing fortune in trust for Hoddan.

Then came the fleet over Krim, with its letter threatening planetary destruction if resistance was offered to single ships which would land and loot later on. It seemed that all commerce was at the mercy of space marauders. Risk-insurance companies had undertaken to indemnify the owners of ships and freight in emptiness. Now that an unprecedented pirate fleet ranged and doubtless ravaged the skyways, the insurance companies ought to go bankrupt. Owners of stock in them dumped it at any price to get rid of it. In accordance with Hoddan's instructions, though, his lawyers had faithfully if distastefully bought it in. To use up the funds available, they had to buy up not only all the stock of all the risk-insurance companies of Krim, but all stock in all off-planet companies owned by investors on Krim.

Then time passed, and ships in space arrived unmolested in port. Cargoes were delivered intact. Insurers observed that the risk-insurance companies had not collapsed and could still pay off if necessary. They continued their insurance. Risk companies appeared financially sound once more. They had more business than ever, and no more claims than usual. Suddenly their stocks went up—or rather, what people were willing to pay for them went up, because Hoddan had forbidden the sale of any stock after the pirate fleet appeared.

Now he asked hopefully if he could reimburse the owners of the ship he'd captured off Walden. He could. Could he pay them even the profit they'd have made between the loss of their ship and the arrival of a replacement? He could. Could he pay off the shippers of Rigellian furs and jewelry from the Cetis stars, and the owners of the bulk melacynth that had brought so good a price on Krim? He could. In fact, he had. The insurance companies he now owned lock, stock, and barrel had already paid the claims on the ship and its cargo, and it would be rather officious to add to that reimbursement.

Hoddan was abruptly appalled. He insisted on a bonus being paid, regardless, which his lawyers had some trouble finding a legal fiction to fit. Then he brooded over his position. He wasn't a business man. He hadn't expected to make out so well. He'd thought to have to labor for years, perhaps, to make good the injury he'd done the ship owners and merchants in order to help the emigrants from Colin. But it was all done, and here he was with a fortune and the framework of a burgeoning financial empire. He didn't like it.

Gloomily, he explained matters to his attorneys. They pointed out that he had a duty, an obligation, from the nature of his unexpected success. If he let things go, now, the currently thriving business of risk insurance would return to its former unimportance. His companies had taken on extra help. More bookkeepers and accountants worked for him this week than last. More mail clerks, secretaries, janitors and scrubwomen. Even more vice presidents! He would administer a serious blow to the economy of Krim if he caused a slackening of employment by letting his companies go to pot. A slackening of employment would cause a drop in retail trade, an increase in inventories, a depression in industry....

Hoddan thought gloomily of his grandfather. He'd written to the old gentleman and the emigrant fleet would have delivered the letter. He couldn't disappoint his grandfather!

He morbidly accepted his attorneys' advice, and they arranged immediately to take over the forty-first as well as the forty-second and-third floors of the building their offices were in. Commerce would march on.

And Hoddan headed for Darth. He had to return his crew, and there was something else. Several something elses. He arrived in that solar-system and put his yacht in a search-orbit, listening for the call-signal the spaceboat should give for him to home on. He found it, deep within the gravity-field of Darth. He maneuvered to come alongside, and there was blinding light everywhere. Alarms rang. Lights went out. Instruments registered impossibilities, the rockets fired crazily, and the whole ship reeled. Then a voice roared out of the communicator:

"Stand and deliver! Surrender and y'll be allowed to go to ground. But if y'even hesitate I'll hull ye and heave ye out to space without a spacesuit!"

Hoddan winced. Stray sparks had flown about everywhere

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