ity Bank's own stock,
because of the way we are handling the deal, selling only $5,000,000 to
the public, and standing behind every dollar of that, all possible risk
is eliminated."

"Call all that true," angrily replied Mr. Rogers, "and you don't alter
the fact that such a scheme as you map out _is impossible_. You must get
to work and figure out some plan which is practical."

"I knew that we should find this a difficult matter to get right," I
said. "Now, what is your idea of how it should be gone about?"

This time the burden of explanation was fairly upon Mr. Rogers, and I
waited his answer expectantly. He replied, in much milder tones:

"There is no real difference between us, Lawson, except that you don't
seem to realize the actual position we are in. We are going to do what
is fair and right in this enterprise--indeed, there is no necessity for
anything else--but we must not put the bank or ourselves in such a place
that either or both of us can be held legally responsible for anything
that happens in connection with this company. You must keep in mind
Sterling's words, that the thing is risky enough anyway, and that even
under the best circumstances and conditions we may find ourselves in a
hole. Exactly how to do it I have not figured out, but the City Bank
must appear as offering the subscriptions, and the Amalgamated Company
as owning the stock, and simultaneously some one else must tell all
about the advantages. Unless this latter is very fully done, the public
will not only refuse to subscribe, but will get suspicious, and there
might be a big scandal. It seems to me as though this part of the job is
yours to do, and to do just right."

So far in our argument we were even. We eyed each other as fighters do
in a ring--looking for an opening. Both sparred for an idea. Mr. Rogers'
reluctance to shoulder any legal responsibility deepened my suspicions,
and inwardly I sweated blood at the thought of the deviltry that might
be piled up around the affair. However, there was nothing for it but to
square away and keep sparring, for if I lost my temper and exploded, it
meant that I should be ground up or disappear in the hopper, and then,
good-by to independence. It was the first time I had ever sat in a
finish game with the master of "Standard Oil," and I trembled at the
possible outcome. Yet this duel--for it was as clearly a fight for life
on my side as though we both were armed with deadly weapons--was but o