him in a brave, leonine way.

"A fine night for a conference, gentlemen," he said, walking toward a
chair indicated by Mr. Arneel. "I must say I never saw so many straw
hats at a funeral before. I understand that my obsequies are
contemplated. What can I do?"

He beamed in a genial, sufficient way, which in any one else would have
brought a smile to the faces of the company. In him it was an
implication of basic power which secretly enraged and envenomed nearly
all those present. They merely stirred in a nervous and wholly
antagonistic way. A number of those who knew him personally
nodded--Merrill, Lawrence, Simms; but there was no friendly light in
their eyes.

"Well, gentlemen?" he inquired, after a moment or two of ominous
silence, observing Hand's averted face and Schryhart's eyes, which were
lifted ceilingward.

"Mr. Cowperwood," began Mr. Arneel, quietly, in no way disturbed by
Cowperwood's jaunty air, "as I told you over the 'phone, this meeting
is called to avert, if possible, what is likely to be a very serious
panic in the morning. Hull & Stackpole are on the verge of failure.
The outstanding loans are considerable--in the neighborhood of seven or
eight million here in Chicago. On the other hand, there are assets in
the shape of American Match stocks and other properties sufficient to
carry them for a while longer if the banks can only continue their
loans. As you know, we are all facing a falling market, and the banks
are short of ready money. Something has to be done. We have canvassed
the situation here to-night as thoroughly as possible, and the general
conclusion is that your loans are among the most available assets which
can be reached quickly. Mr. Schryhart, Mr. Merrill, Mr. Hand, and
myself have done all we can thus far to avert a calamity, but we find
that some one with whom Hull & Stackpole have been hypothecating stocks
has been feeding them out in order to break the market. We shall know
how to avoid that in the future" (and he looked hard at Cowperwood),
"but the thing at present is immediate cash, and your loans are the
largest and the most available. Do you think you can find the means to
pay them back in the morning?"

Arneel blinked his keen, blue eyes solemnly, while the rest, like a
pack of genial but hungry wolves, sat and surveyed this apparently
whole but now condemned scapegoat and victim. Cowperwood, who was
keenly alive to the spirit of the company, looked blandly