That was your desire when you came to me--that
they should buy me up?"

Bull's smile still remained. There was no shadow of change in it. But
his questions came in headlong succession.

Just for an instant a feeling of helplessness surged through the girl's
heart. Then it passed, leaving her quite firm and decided. She looked
squarely into the smiling eyes, and hers were unsmiling but earnestly
honest.

"My approval isn't of any concern. I knew that was the Skandinavia's
purpose when I came to you."

"And you called it a business arrangement?"

"No. You did."

The man broke into a laugh. It was a laugh of sheer amusement.

"That's so," he said. "You were going to hand me the story of your
mission, and I--and I butted in and told it to you--myself."

The girl nodded.

"You were very good to me," she said. "You saw I was going to flounder,
and you took pity on me."

Bull's denial was prompt.

"I just short-circuited things. That's all," he said. Then he laughed
again. "And I'm going to do it again right now. Here, I want you to hear
things the way they seem to me. You think the Skandinavia's no sickly
kid. Well, I tell you it is. Anyway, in this thing. Peterman wants to
buy me. Why? Don't you know? I think you do. The Skandinavia's got a
mighty bad scare right now. The Shagaunty's played out. And I'm jumping
the market. For the practical purposes of the moment the Skandinavia's
mighty sick. So Peterman and his friends reckon to buy me. You're wise
to it all?"

Bull's eyes were levelled squarely at the girl's. There was a challenge
in them. But there was no roughness. It was his purpose to arrive at the
full measure of the girl's feelings and attitude, so far as this effort
on the part of his rivals was concerned.

Nancy was swift to understand. In an ordinary way her reply would have
been prompt. There would have been no hesitation. But, somehow, there
was reluctance in her now. She made no attempt to analyse her feelings.
All she knew was that this man had a great appeal for her. He was so
big, he was so strongly direct and fearless. Then, too, his manner was
so very gentle, and his expressive eyes so kindly smiling, while all
the while she felt the fierce resentment against her people going on
behind them.

After a moment decision came to her rescue. She was of the opposing
camp. She could not, and would not, pretend. It was clear that war lay
ahead, and her position must be that of an honest enemy.