"Auntie, this is my friend, Colonel Thorp," said Kate.

"Proud to know you madam," said the colonel, with his finest military
bow.

"And I am glad to meet Colonel Thorp; I have heard so much of him
through my friends," and she smiled at him with such genuine kindliness
that the gallant colonel lost his heart at once.

"Your friends have been doing me proud," he said, bowing to her and then
to Kate.

"Oh, you needn't look at me," said Kate; "you don't imagine I have been
saying nice things about you? She has other friends that think much of
you."

"Yes," said Mrs. Murray, "Ranald has often spoken of you, Colonel Thorp,
and of your kindness," said Mrs. Murray.

The colonel looked doubtful. "Well, I don't know that he thinks much of
me. I have had to be pretty hard on him."

"Why?" asked Mrs. Murray.

"Well, I reckon you know him pretty well," began the colonel.

"Well, she ought to," said Kate, "she brought him up, and his many
virtues he owes mostly to my dear aunt's training."

"Oh, Kate, you must not say that," said Mrs. Murray, gravely.

"Then," said the colonel, "you ought to be proud of him. You produced a
rare article in the commercial world, and that is a man of honor. He is
not for sale, and I want to say that I feel as safe about the company's
money out there as if I was settin' on it; but he needs watching," added
the colonel, "he needs watching."

"What do you mean?" said Mrs. Murray, whose pale face had flushed with
pleasure and pride at the colonel's praise of Ranald.

"Too much philanthropy," said the colonel, bluntly; "the
British-American Coal and Lumber Company ain't a benevolent society
exactly."

"I am glad you spoke of that, Colonel Thorp; I want to ask you about
some things that I don't understand. I know that the company are
criticising some of Ranald's methods, but don't know why exactly."

"Now, Colonel," cried Kate, "stand to your guns."

"Well," said the colonel, "I am going to execute a masterly retreat,
as they used to say when a fellow ran away. I am going to get behind my
company. They claim, you see, that Ranald ain't a paying concern."

"But how?" said Mrs. Murray.

Then the colonel enumerated the features of Ranald's management most
severely criticised by the company. He paid the biggest wages going; the
cost of supplies for the camps was greater, and the company's stores
did not show as large profits as formerly; "and of course," said the
colonel, "the first aim of