report in his hand, growing red in the face.

"You seem content with this production. It looks as if you had meant
to back out."

Herbert looked at him tranquilly.

"Well," he said, "that's my intention now; and I don't think that you
can induce me to alter it. I can't see that we would be justified in
floating the concern."

"But it was you who suggested it and led us on! What about the money
we have already spent?"

"It's gone. I'm sorry, but things don't always turn out right. When I
first mentioned the matter, the prospects looked good; investigation
places them in a less favorable light, for which you can hardly hold me
responsible. You took a business risk."

The other man angrily flung the report on the table.

"This has been a blow to me, and I'm far from appreciating the course
you've taken. But what about the older concern? Though we don't seem
to have turned out much rubber yet, I suppose its position is still
satisfactory?"

Herbert saw suspicion in the man's face and he rang a bell.

"I think you had better satisfy yourself; I have the necessary
particulars here."

He indicated some books on a neighboring shelf; and then added, when a
clerk appeared:

"Will you bring me the extract of our working expenses that I asked you
to make out?"

The clerk came back with a sheet of figures, which Herbert handed to
his visitor with one of the books, and the man spent some time
carefully examining them.

"Everything looks satisfactory; I've no fault to find," he said at
length. "But I feel very sore about your giving up the new
undertaking."

"It can't be helped," explained Herbert. "If it's any comfort to you,
I dropped as much money over preliminary expenses as you did."

After a little further conversation, his visitor left and Herbert
resumed his work. On the whole, the interview had been less
embarrassing than he expected, and though it was likely that the rest
of his colleagues would call and expostulate, he was ready to meet
them. His excuse for abandoning the project was, on the face of it, a
good one; but he had no thought of giving these men, who were largely
interested in the original company, a word of warning. It was
undesirable that they should sell their shares until he had disposed of
his. They had, he argued, the same opportunities for forecasting the
course of the market and gaging the trend of investors' ideas as he
enjoyed, and if they did not make use of them, it