ll hats exchanged agitated glances.

"Do you know how he got his stock?"

"No, sir."

"That is all. Go on, Mr. Tutt."

Doc sat down while Mr. Tutt again unhooked his lank form.

"To resume where I was interrupted, Your Honor, the directors
controlling a majority of the stock of this corporation, the capital of
which is ten millions of dollars, have made a contract to sell all of
its properties to another corporation, organized by themselves and
capitalized for one million, for the sum of one hundred and twenty-five
thousand dollars!

"It is true that in their plan of reorganization they offer to permit
any stockholder in the old corporation to subscribe for stock in the new
at par--thus at first glance placing all upon what seems to be an
equality; but any stockholder who does not see fit to subscribe or
cannot afford to do so is wiped out, for there will be nothing left in
the way of assets in Horse's Neck after the transfer is completed.

"Now these gentlemen have underwritten the stock in the new Lallapaloosa
Company at fifty cents upon the dollar, and if this nefarious deal is
permitted to go through they will thus acquire a property worth ten
millions for five hundred thousand dollars, of which they will use only
one hundred and twenty-five thousand in payment of old indebtedness. In
effect, they confiscate the equity of all the minority stockholders in
Horse's Neck who cannot afford to subscribe for stock in Lallapaloosa."
He turned upon the uncomfortable tall hats with an arraigning eye.

"In the criminal courts, Your Honor, such a conspiracy would be
properly described as grand larceny; in Wall Street perchance it may be
viewed as high finance. But so long as there are courts of equity such a
wrong upon a helpless stockholder will not go unrebuked. Have I made
myself clear to Your Honor?"

Judge Pollak looked interested. He was a man famous for his protection
of helpless minorities and his court had been selected by Mr. Tutt on
this account.

"If the facts are as you state them, Mr. Tutt," he answered seriously,
"the plan on its face would seem to be inequitable. If the property is
worth ten million the consideration is palpably inadequate. Your
client's equity, worth on that basis at least one hundred thousand
dollars, would be entirely destroyed without any redress."

"Your Honor," burst out Mr. Chippingham, whose bald head had been
bobbing about in excited contiguity with the tall hats, "this is