ate interview. Orde delayed only long enough to get Mr.
Welton's signature, then hastened as fast as his horse could take him
across the drawbridge to the village.

Heinzman he found awaiting him. The little German, with his round, rosy
cheeks, his dot of a nose, his big spectacles, and his rotund body,
looked even more than usual like a spider or a Santa Clause--Orde could
not decide which.

"I haf been thinking of that bond," he began, waving a pudgy hand toward
a seat, "and I haf been talking with Proctor."

"Yes," said Orde hopefully.

"I suppose you would not be prepared to gif a bond?"

"I hardly think so."

"Vell, suppose ve fix him this way," went on Heinzman, clasping his
hands over his stomach and beaming through his spectacles. "Proctor and
I haf talked it ofer, and ve are agreet that the probosition is a good
one. Also ve think it is vell to help the young fellers along." He
laughed silently in such a manner as to shake himself all over. "Ve do
not vish to be too severe, and yet ve must be assured that ve get our
logs on time. Now, I unterstood you to say that this new concern is a
stock company."

Orde did not remember having said so, but he nodded.

"Vell, if you gif us a bond secured with stock in the new company, that
would be satisfactory to us."

Orde's face cleared.

"Do you mean that, Mr. Heinzman?"

"Sure. Ve must haf some security, but ve do not vish to be too hard on
you boys."

"Now, I call that a mighty good way out!" cried Orde.

"Make your contract out according to these terms, then," said Heinzman,
handing him a paper, "and bring it in Monday."

Orde glanced over the slip. It recited two and a quarter as the agreed
price; specified the date of delivery at Heinzman and Proctor's booms;
named twenty-five thousand dollars as the amount of the bond, to be
secured by fifty thousand dollars' worth of stock in the new company.
This looked satisfactory. Orde arose.

"I'm much obliged to you, Mr. Heinzman," said he. "I'll bring it around
Monday."

He had reached the gate to the grill before Heinzman called him back.

"By the vay," the little German beamed up at him, swinging his fat legs
as the office-chair tipped back on its springs, "if it is to be a stock
company, you vill be selling some of the stock to raise money, is it not
so?"

"Yes," agreed Orde, "I expect so."

"How much vill you capitalise for?"

"We expect a hundred thousand ought to do the trick," replied Orde.