defaulted unless some compromise can be effected with the bondholders--"

"What's that you're saying?" broke in Mackie, whose P. S-W. holdings were
large.

Ford drew a folded paper from his pocket and laid it on the table.

"I was merely quoting from the auditor's semiannual report, of which
that is a summary," he said, indicating the folded paper. "The report
itself will doubtless reach you in a day or two. It would seem to an
unprejudiced observer that the present condition spells something like a
receivership, unless you have the bondholders with you."

"One moment, Mr. Ford," interposed the banker member; but Ford was
working up to his climax and refused to be side-tracked.

"Of course, as an officer of the company, I have felt in duty bound to
bring my grist first to the company's mill. But if you gentlemen don't
wish to grind it, it will be ground, notwithstanding. I could very
easily have found a market for my proposal without coming to New York."

With which parting shot, and a word of apology for having taken the time
of the board to no good purpose, he bowed himself out, closing the door
upon a second attempt on the part of the banker member to renew the
argument.

VI

THE AWAKENING OF CHARLES EDWARD

Ford went directly to his hotel from the meeting in the Broad Street
board room, paid his bill, and had himself shot up to the fifth floor to
prepare for a swift retreat from the scene of his humiliating defeat. It
was hardly in keeping with his boast of persistence that he should
suffer himself to be thus routed by a single reverse, however crushing.
But in a world where every problem contains its human factor, red wrath
accounts for much that is otherwise unaccountable.

Ford was thoroughly and unreasoningly angry and disgusted when he began
to fling his belongings into the small steamer trunk, and it was only
natural that he should turn with a little brow-wrinkling of resentment
when, a little later, Mr. Charles Edward Adair, following his card up to
the fifth floor front, lounged good-naturedly into the room.

"Beg pardon, I'm sure," said the intruder easily. "Didn't know you were
busy. I thought maybe you'd like to know the effect of your little
double-headed bombshell, and I couldn't be sure Uncle Sidney would take
the trouble to tell you."

Ford made no effort to conceal his contempt for the financial gods.

"I don't imagine it will take you very long to tell it," he retorted.
"Nothi