no reasons, and am only doing what seems best
in the interest of the bank. If the acceptances are met,--and the
first falls due two weeks from to-day--our head office will probably
authorize a further advance, provided we are secured. Under the
circumstances your Philadelphia office should take care of this matter."

"And this is your last word?" snapped Clark with emphasis.

But Brewster had by this time completely pulled himself together. The
most trying moment was passed, and for once the mesmeric influence had
failed. He felt behind him the authority of Thorpe and his own
directors, and revolted at the thought of imperiling his own record.

"You understand," came in Clark's voice, "what happens when men are not
paid--especially the type of many of our employees. The Swede and
Hungarian are apt to be ugly. Further--an unpaid payroll has a bad
effect on a company's securities, to say nothing of the effect on
business confidence in St. Marys. You have, of course, weighed all
this."

Brewster's eyes were very grave and his face flushed. "I'm sorry, but
I'm doing what I take to be my duty," he said with a desperate effort.

The older man's mood changed as though in a flash. "In that case I've
nothing more to say." He got up. "Come on, Hobbs, Mr. Brewster seems
immovable. We'll have to wire Philadelphia for the money." With that
he went briskly out.

The banker looked after him in wonderment. The poignant instant was
over, and he pondered whether, after all, he had done right. His
cipher message sent to Toronto as soon as the news from the works
reached him, was still unanswered, but, he reflected, he had tried to
act on what he believed to be Thorpe's judgment as well as his own.
Should the telegram for which he waited not confirm his decision, there
was time enough to apprise Clark of the fact that night. And just then
the mayor entered the office and sat down, mopping his face.

"What about it?" he demanded presently.

"I don't know any more than you do--possibly not as much."

"Well," said Filmer absently, "there's a lot going round. Some have it
the works are seized for debt, others that there's a mistake in the
rails, others that the Philadelphia directors have resigned. Anyway
half the thing seems to have stopped."

"Not half of it, just the iron and steel section."

"Yes, but that's the big end of the whole show. It was expected to
carry the burden."

"It's still there, isn't it?"