lic concluded, the iron and steel section, the heart of the
thing, was unsound. Such is the communicable essence of fear.

At ten minutes after three the directors met to face a situation which
was, in all truth, serious enough. Philadelphia banks, smarting from
loans made on Consolidated stock, had declined further credit. The first
payment of a million dollars for steel rails was indefinitely deferred.
Creditors, galvanized by the events of the day, poured in ceaseless
demands that their accounts be liquidated, but moneys due the
Consolidated for pulp had been realized and diverted into the building of
railways and the construction of the rail mill. Birch, his face very
grave, ran over all this in a level monotone of a voice, while the rest
wearily admitted its truth, and in the middle of the rehearsal a message
was brought in from Clark.

Greatly regret events of to-day but am unshakenly confident for the
future, given sufficient time to remedy defect in rails which should not
take long. Chemical analyses show too high carbon and this can be
rectified. Now awaiting remittance for payroll.

Wimperley read it without a trace of accentuation, while Stoughton got up
and stared, as once before, at the sky line of Philadelphia.

"Well," drawled Birch dryly, "we've heard from our prophet."

"He's got more confidence in our future than we have in his past," put in
Riggs.

Stoughton turned, "What about the payroll?"

"If you have a million or so to spare, we'll send it up. There's more to
be met than the payroll." The voice was a trifle insulting, but
Stoughton did not notice it, and Birch went on. "There's just one thing
we can do, if we can't get money to run."

"Well?" jerked out Riggs, "say it."

"Shut down."

Wimperley's long fingers were drumming the table. He did not fancy
himself as the president of a great company in whose works not a wheel
was turning.

"I'd like to find some other way out of it. There's going to be hell to
pay here, but--"

"Perhaps the ingenious gentleman at St. Marys could help out," said Birch
acidly.

At that came a little silence and there appeared the vision of Clark in
his office, with his achievements dissolving before his eyes.

"Robert Fisher is no financier," struck in Stoughton wearily.

Wimperley smiled in spite of himself. "Perhaps not, but he mesmerized us
into that office. There's only one thing I can see--issue debentures
secured by first mortgag