some of the presidents of our banks to-night, we
should probably find that there are other items of which we do not
know. I do not like to be severe on any one, but our own situation is
serious. Unless something is done to-night Hull & Stackpole will
certainly fail in the morning. We are, of course, obligated to the
various banks for our loans, and we are in honor bound to do all we can
for them. The good name of Chicago and its rank as a banking center is
to a certain extent involved. As I have already told Mr. Stackpole and
Mr. Hull, I personally have gone as far as I can in this matter. I
suppose it is the same with each of you. The only other resources we
have under the circumstances are the banks, and they, as I understand
it, are pretty much involved with stock on hypothecation. I know at
least that this is true of the Lake City and the Douglas Trust."

"It's true of nearly all of them," said Hand. Both Schryhart and
Merrill nodded assent.

"We are not obligated to Mr. Cowperwood for anything so far as I know,"
continued Mr. Arneel, after a slight but somewhat portentous pause.
"As Mr. Schryhart has suggested here to-day, he seems to have a
tendency to interfere and disturb on every occasion. Apparently he
stands obligated to the various banks in the sums we have mentioned.
Why shouldn't his loans be called? It would help strengthen the local
banks, and possibly permit them to aid in meeting this situation for
us. While he might be in a position to retaliate, I doubt it."

Mr. Arneel had no personal opposition to Cowperwood--none, at least, of
a deep-seated character. At the same time Hand, Merrill, and Schryhart
were his friends. In him, they felt, centered the financial leadership
of the city. The rise of Cowperwood, his Napoleonic airs, threatened
this. As Mr. Arneel talked he never raised his eyes from the desk
where he was sitting. He merely drummed solemnly on the surface with
his fingers. The others contemplated him a little tensely, catching
quite clearly the drift of his proposal.

"An excellent idea--excellent!" exclaimed Schryhart. "I will join in
any programme that looks to the elimination of this man. The present
situation may be just what is needed to accomplish this. Anyhow, it may
help to solve our difficulty. If so, it will certainly be a case of
good coming out of evil."

"I see no reason why these loans should not be called," Hand commented.
"I'm willing to meet the situa