d powerful.
Cartwright's father, however, had used sailing ships too long, and
Cartwright's speculations and extravagance when he took control had not
mended its fortunes. Then had come a number of lean years when few
shipping companies earned a dividend and the line's capital steadily
melted. Now the shareholders were not numerous and the ships were small.

Cartwright glanced at the pictures in tarnished gold frames. _Oreana_,
drawn plunging across an Atlantic comber, was the best of the fleet, but
her engineer had for some time demanded new boilers. Since the reserve
fund was low and other boats needed expensive repairs, Cartwright
resolved to wait. He had bought _Melphomene_, above the fireplace, very
cheap; but her engines were clumsy compounds and she cost much to coal.
Still she was fast, and now and then got a paying load by reaching a
port where freights were high before the _Conference_ found out that
Cartwright meant to cut the rates.

_Titania_, with the white deckhouse and shade-deck, carried a good load
on a light draught, and sometimes picked up a profitable cargo in
shallow African lagoons. When he glanced at her picture Cartwright's
look got thoughtful. She was one of two sister ships, launched at a
famous yard, and Cartwright had wanted both, but the builders demanded
terms of payment he could not meet, and another company had bought the
vessel. She was wrecked soon afterwards, and now lay buried in the sand
by an African river bar. The salvage company had given up their efforts
to float her, but Cartwright imagined she could be floated if one were
willing to run a risk. But no one, it seemed was willing. On the failure
of the salvage company the underwriters had put the steamer into the
hands of Messrs. Bull and Morse, a firm of Ship Brokers and Marine
Auctioneers, but at the public auction no bids whatever had been made.
Subsequently advertisements appeared in the shipping papers inviting
offers for the ship as she lay and for the salvage of the cargo. These
had run for several weeks, but without result. Cartwright had cut them
out. Now and then he looked at them and speculated about the
undertaking.

By and by the bookkeeper came in and filed some letters. Gavin's hair
was going white, and he had been with Cartwright's since he was a boy.
He was fat, red-faced, and humorous, although his humor was not refined.
Gavin liked to be thought something of a sport, but Cartwright knew he
was staunch.

"