gerwood, studying his man shrewdly by the road of the
eye, and without prejudice to the listening ear.

"As I understand it, the complaint of the survivors is based upon the
fact that they think they ought to have had a cash dividend forthcoming
on the closing up of the association's affairs," Flemister went on; and
Lidgerwood again said, "Yes."

"As Hallock has probably told you, I had the misfortune to be the
president of the company. Perhaps it's only fair to say that it was a
losing venture from the first for those of us who put the loaning
capital into it. As you probably know, the money in these mutual benefit
companies is made on lapses, but when the lapses come all in a
bunch----"

"I am not particularly interested in the general subject, Mr.
Flemister," Lidgerwood cut in. "As the matter has been presented to me,
I understand there was a cash balance shown on the books, and that there
was no cash in the treasury to make it good. Since Hallock was the
treasurer, I can scarcely do less than I have done. I am merely asking
him--and you--to make some sort of an explanation which will satisfy the
losers."

"There is only one explanation to be made," said the
ex-building-and-loan president, brazenly. "A few of us who were the
officers of the company were the heaviest losers, and we felt that we
were entitled to the scraps and leavings."

"In other words, you looted the treasury among you," said Lidgerwood
coldly. "Is that it, Mr. Flemister?"

The mine-owner laughed easily. "I'm not going to quarrel with you over
the word," he returned. "Possibly the proceeding was a little informal,
if you measure it by some of the more highly civilized standards."

"I don't care to go into that," was Lidgerwood's comment, "but I cannot
evade my responsibility for the one member of your official staff who is
still on my pay-roll. How far was Hallock implicated?"

"He was not implicated at all, save in a clerical way."

"You mean that he did not share in the distribution of the money?"

"He did not."

"Then it is only fair that you should set him straight with the others,
Mr. Flemister."

The ex-president did not reply at once. He took time to roll a
cigarette leisurely, to light it, and to take one or two deep
inhalations, before he said: "It's a rather disagreeable thing to do,
this digging into old graveyards, don't you think? I can understand why
you should wish to be assured of Hallock's non-complicity, and I have