iness with this bond, and that
any attempt to do so will result in the revoking of your charter. I
note that this is bond number one, and assume from this fact that you
have not yet sold any of them. You are very lucky indeed not to have
done so."

A total paralysis settled upon Messrs. Turner and Squinch, a paralysis
which was only relieved by the counter-irritant of Wallingford's
presence. To him Mr. Squinch made his first observation, and it was
almost with a snarl.

"Seems to me this rather puts a spoke in your wheel, too,
Wallingford," he observed.

"Is this Mr. Wallingford?" asked Mr. Clifford, suddenly rising with a
cordial smile. "I am very glad indeed to meet you, Mr. Wallingford,"
he said as he shook hands with that gentleman. "They told me about you
at the state department. As soon as I've finished here I'll drop in to
look at your papers, just as a matter of form, you know."

"If you refuse to let us operate," interposed Mr. Squinch in his most
severely legal tone, "you will be compelled to refuse Mr. Wallingford
permission to operate also!"

"I am not so sure about that," replied Mr. Clifford suavely. "The
slightest variation in forms of this sort can sometimes make a very
great difference, and I have no doubt that I shall find such a
divergence; no doubt whatever! By the way, Wallingford," he said,
turning again to that highly pleased gentleman, "Jerrold sent his
respects to you. He was telling me a good story about you that I'll
have to go over with you by and by. I want you to take dinner with me
to-night, anyhow."

[Illustration: "I shall be very much pleased," said Wallingford]

Jerrold was the state auditor.

"I shall be very much pleased," said Wallingford. "I'll just drop into
the office and get my papers laid out for you."

"All right," agreed Mr. Clifford carelessly. "I don't want to spend
much time over them."

Other fatal flaws Mr. Clifford found in the Turner and Company plan of
operation, and when he left the office of The People's Cooperative
Bond and Loan Company, the gentlemen present representing that concern
felt dismally sure that their doom was sealed.

"We're up against a pull again," said Doc Turner despondently. "It's
the building-loan company experience all over again. You can't do
anything any more in this country without a pull."

"And it won't do any good for us to go up to Trenton and try to get
one," concluded Mr. Squinch with equal despondency. "We tried that