s and Ohio River
Railroad----"

"Not good collateral till the road is finished. You know we couldn't
touch that."

Tandy mentioned some other securities that Hallam deemed insecure, and
by this time Hallam had begun to wonder what was the matter with Tandy.
He knew, or thought he knew, that the man must have greatly more money
invested somewhere than these things represented. He had a great
curiosity to know what the other investments were, but he did not find
out, for at last, within a brief while of the end of his hour of grace,
the troubled man said:

"There is nothing for it but to hypothecate a part of my stock in the X
National. You know that is good."

"Oh, yes, that's good. Stafford will accept that as collateral if the
bank is in a position to extend its loans. I'll go and see."

When he told Stafford what the situation was, that astute banker--who
had been in many a financial fisticuff with Tandy--quietly said:

"I don't see why we should make the loan. Why not refuse it, and then
have you offer to buy the stock outright at about par? He must sell, for
if I have correctly sized up our friend Duncan, he'll never let up on
his demand in this case. A man with a conscience like his simply can't
let up in such a matter."

"That's the way we'll fix it," answered Hallam, with an amused twinkle
in his eye. "He's obviously in need of a little more education at my
hands, and he can afford to pay for it. I'll buy the stock at par--not a
cent more. I suppose it's worth a hundred and three?"

"Yes--all of that, and it will be worth more presently under Duncan's
management. What a fellow that is, anyhow!"

"I imagine Tandy thinks so by this time."

As there was no other bank in Cairo, and nobody else who could make a
loan such as Tandy must have on the instant, he was simply compelled to
make the sale on Hallam's own terms.

With Hallam's check in hand, he hurried to the X National, arriving
there just in time to meet Guilford Duncan's demand.

Duncan received the check in the bank parlor, again insisting that
Leftwich should be present at the interview.

"I'll take that paper, if you please," Tandy said, holding out his hand
for it.

"Not until you shall have adjusted the other matter. The bank's books
show that, while you were still president of the institution, you made a
loan of thirty thousand dollars to yourself, on your unsecured note,
without even an endorsement. You know that in doing so, you viol