d not seem to be in the slightest degree put out by
the competition. In fact, he was most friendly with the new concern,
and offered Doc Turner, who had been nominated manager of the new
company, his assistance in arranging his card-index system, or upon
any other point upon which he might need help.

"There's room enough for all of us," he said cheerfully. "Of course, I
think you fellows ought to pay me a royalty for using my plan, but
there's no way for me to compel you to do it. There's one thing we
ought to do, however, and that is to take steps to prevent a lot of
other companies from jumping in and spoiling our field. I think I'll
get right after that myself. I have a pretty strong pull in the state
department."

They were holding this conversation three days after the sign went
up, and Mr. Squinch, entering the office briskly to report a new
agent that he had secured, frowned at finding Mr. Wallingford
there. Business was business with Mr. Squinch, and social calls
should be discouraged. Before he could frame his objection in words,
however, another man entered the office, a stranger, a black-haired,
black-eyed, black-mustached young man, of quite ministerial appearance
indeed, as to mere clothing, who introduced himself to Doc Turner as
one Mr. Clifford, and laid down before that gentleman a neatly folded
parchment, at the same time displaying a beautiful little gold-plated
badge.

"I am the state inspector of corporations," said Mr. Clifford, "and
this paper contains my credentials. I have come to inspect your plan
of operation, and to examine all printed forms, books and minutes."

Mr. Wallingford rose to go, but a very natural curiosity apparently
led him to remain standing, while Doc Turner, with a troubled glance
at Ebenezer Squinch, rose to collect samples of all the company's
printed forms for the representative of the law.

Mr. Wallingford sat down again.

"I might just as well stay," he observed to Doc Turner, "because my
interests are the same as yours."

Mr. Clifford looked up at him with a very sharp glance, as both Mr.
Turner and Mr. Squinch took note. At once, however, Mr. Clifford went
to work. In a remarkably short space of time, seeming, indeed, to have
known just where to look for the flaw, he pointed out a phrase in the
"bond," the phrase pertaining to the plan of redemption.

"Gentlemen," said he gravely, "I am very sorry to say that the state
department can not permit you to do bus