he made
clear the purpose of his visit.

"I have bad news for you," he said calmly.

"Yes?" Judith's manner was as placid as his own, though a thousand
questions flashed across her mind.

He cleared his throat. "It is a fact that even the shrewdest men make
bad investments--indefensible investments," he said profoundly, as if
the discovery were his own.

"Oh...." Her fears vanished. He was the harbinger only of financial
trouble.

"Your father," he went on without haste, "was an extraordinarily shrewd
man. But even he...."

"... made bad investments?"

"Exactly."

"Well ... tell me the worst--I am brave," she laughed.

"For some reason, impossible to explain, he became possessed of a
majority of the bonds of _The Dispatch_. It is a curious thing. He must
have known that a newspaper presents the worst possible field for
inactive investment. No property changes more rapidly in transition from
a going condition to a forced sale."

"What about the bonds?"

"That is my bad news. _The Dispatch_ has not been financially successful
for years. The present owners have resolved to give up the losing
struggle."

"I see. But where does that affect me?"

"You hold their bonds. They intend to default on the payment of further
interest--and, of course, principal as well."

"Oh...." Judith felt that she should evidence dismay at least sufficient
to match Baker's gravity. But there were too many unpleasant things in
the world for her to furrow her brow over the loss of a few thousands
from her annual income. An admission of that, she knew, however, would
shock him: so she contented herself with a noncommittal monosyllable.

"You will lose heavily," he continued. "The bonds constitute a first
lien on the property, to be sure, but most of the property consists of
good-will, which is not very good, so I'm told. Really all you can hope
for is the proceeds from the sale of the machinery and furniture.
They'll sell for only a fraction of their value, too. Really, it's quite
too bad." The genuine regret in his voice almost made her smile. It was
so incongruous that he, who lost nothing, should be so much more
affected than she, who lost everything.

"What will become of the paper?" she asked.

"Following foreclosure proceedings a receiver will be appointed, and in
the course of time it will be sold at auction--that is, a sale will be
held."

"But you don't think anyone will buy it?"

"It is hardly likely."

"Then th