his best for peace. This was his enemy with whom he was now
face to face, but the final issue was not yet. He spoke suavely and
persuasively.

"Come, come," he said, "Wingate, you have changed since you and I fought
our battles in New York and Chicago. To-day you seem to be representing
a very worthy but misguided class of the community--the sentimentalists.
They are invariably trying to alter by legislation conditions which are
automatic. It is true that our operations over here may temporarily make
bread dearer, but on the other hand we may be facing the other way within
a month. We may be sellers of wheat, and the loaf then will be cheaper
than it ever has been. I am an Englishman, and it is not my desire to add
to the sufferings of my fellow countrymen."

"You don't care a damn about any one's sufferings," Wingate retorted, "so
long as you can make money out of them."

Phipps for once looked a little taken aback.

"My dear sir," he protested, "your trans-Atlantic bluntness is somewhat
disconcerting. However, you must admit that we have heard you patiently.
Let us now, if you are willing, discuss for a minute or two the real
object of your visit."

"I have delivered my warning," Wingate remarked. "I am only sorry that
you will not take me more seriously. I am now at your service."

"In plain words, then, I want to purchase your holding in the Universal
Steamship Company, a holding amounting, I believe, to one million, two
hundred and fifty thousand dollars."

Wingate effectually concealed a genuine surprise.

"You seem remarkably well informed as to my investments," he observed.

"Not as to your investments generally," Phipps replied, "but as to your
holding of Universal stock. In this stock it is my desire to secure a
controlling interest."

"Why?"

Phipps hesitated for a moment. Then he replied with much apparent
frankness.

"I could invent a dozen reasons. I prefer to tell you the truth and to
base my offer upon existing conditions."

"The truth will be very interesting," Wingate murmured, with a note of
faint sarcasm in his tone.

"Here are my cards, then, laid upon the table," Phipps continued,
rapping the place in front of him with the back of his hand. "An Asiatic
Power has offered me an immense commission if I can arrange the sale to
them of the Atlantic fleet of the Universal Line."

"For what purpose?"

"Trading purposes between Japan and China," Phipps explained. "The
quickest way of