er you your choice of eight of the handsomest ponies you ever-----"

"But there are forty ponies and thirty-two good wagon horses,"
piped up a business man in the audience.

"There were," corrected the auctioneer, mournfully. "But most
of the live stock was rented. Colonel Grundy had hoped to buy
the stock gradually out of the receipts of the show. All that
he owned in the way of live stock consisted of eight ponies.
And here they come! Beauties, aren't they?"

Despite the heat of the day it was as though a frost had settled
down over the scene. Many of the men present were butchers, grocers
or others who had hoped to pick up cheap horses to be used in
their business.

"Ponies are no good in this town," cried one man. "Lead 'em away.
Come on, neighbors."

"Wait, wait!" urged the auctioneer. "There are some bargains
yet to come that will interest you all. Since we have the ponies
on the spot let us begin to run them off. It will teach you all
how to bid quickly when you see wonderful bargains bought up under
your noses!"

The bidding, however, was lax at first. A stable boy mounted
one of the little animals, riding about at reckless pace.

"Now, start the bidding!"

After five minutes talking an opening bid of five dollars for
the pony had been made and this had been advanced to seven.

With all the zeal at his command the auctioneer drove the bidding
along. It reached fourteen dollars, and there stopped. At last
the pony was knocked down to a man who thought he could use the
animal in a very light delivery wagon.

"Now, gentlemen, wake up!" begged the auctioneer. "Let us have
some bidding worthy of the fair name of Gridley for good judgment
in business matters. Lead the roan pony forth."

Undoubtedly the first pony had been a fair bargain at fourteen
dollars. The bidding on the second animal began at ten dollars,
going quickly to eighteen. From that point the offers traveled
slowly until twenty-six dollars had been named. At this price
the pony was sold.

From that time on the ponies were "knocked down" rather briskly,
though the highest-priced one of the first seven brought only
thirty-one dollars.

Now came the eighth.

"You see what this animal is for yourselves, gentlemen," declared
the auctioneer. "We don't need to have this sleek little animal's
paces shown. We are in a hurry to get through. Who opens with
twenty dollars?"

"He is a handsome little animal, isn't he?" excl