ns which we have already settled in a
satisfactory manner. Still I think it might be well if I were permitted
with your unanimous approval to jot down a memorandum or two to be
afterwards embodied in our articles."

There was a general murmur of approval. "Very good," said Mr. Skinyer,
settling himself back in his chair. "Now, first, in regard to the
creation," here he looked all round the meeting in a way to command
attention--"Is it your wish that we should leave that merely to a
gentlemen's agreement or do you want an explicit clause?"

"I think it might be well," said Mr. Dick Overend, "to leave no doubt
about the theory of the creation."

"Good," said Mr. Skinyer. "I am going to put it down then something
after this fashion: 'On and after, let us say, August 1st proximo, the
process of the creation shall be held, and is hereby held, to be such
and such only as is acceptable to a majority of the holders of common
and preferred stock voting pro rata.' Is that agreed?"

"Carried," cried several at once.

"Carried," repeated Mr. Skinyer. "Now let us pass on"--here he
consulted his notes--"to item two, eternal punishment. I have made a
memorandum as follows, 'Should any doubts arise, on or after August
first proximo, as to the existence of eternal punishment they shall be
settled absolutely and finally by a pro-rata vote of all the holders of
common and preferred stock.' Is that agreed?"

"One moment!" said Mr. Fyshe, "do you think that quite fair to the
bondholders? After all, as the virtual holders of the property, they
are the persons most interested. I should like to amend your clause and
make it read--I am not phrasing it exactly but merely giving the sense
of it--that eternal punishment should be reserved for the mortgagees
and bondholders."

At this there was an outbreak of mingled approval and dissent, several
persons speaking at once. In the opinion of some the stockholders of
the company, especially the preferred stockholders, had as good a right
to eternal punishment as the bondholders. Presently Mr. Skinyer, who
had been busily writing notes, held up his hand for silence.

"Gentlemen," he said, "will you accept this as a compromise? We will
keep the original clause but merely add to it the words, 'but no form
of eternal punishment shall be declared valid if displeasing to a
three-fifths majority of the holders of bonds.'"

"Carried, carried," cried everybody.

"To which I think we need only add,"