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ough man, and very successful. He greeted Mary warmly and in a brief personal chat flattered her immensely by forgetting that she was deaf. He also found time to express his gratification that she had approved his idea of a temperance camp. In the election that followed the incumbent Directors were unanimously re-elected, whereupon, having performed their sole function as stockholders, they adjourned and immediately reconvened as Directors. In marked contrast to the last, this meeting of the Directors was characterized by the utmost harmony--only L. W. seemed ill at ease. He had avoided Mary since the day she came back, and even yet seemed to evade her eye; but the reason for that appeared in time. After the usual reports of the secretary and treasurer, showing a condition of prosperity that made even Stoddard's eyes gleam, Mr. Jepson presented his report. It was a bulky affair, full of technical statistics and elaborate estimates of cost; but there was a recommendation at the end. "The report of our treasurer," said Jepson in closing, "shows a net profit of several million dollars, but I wish to point out our losses. Chief of these is the enormous wastage which comes from shipping our concentrates. There is no doubt in my mind that the Tecolote properties contain an inexhaustible supply of ore; nor that that ore, if economically handled, will pay an increasing profit. The principal charges, outside the operating expenses, have been freight and the smelting of our concentrates. As you doubtless know, the long haul to El Paso, and the smelter charges at that end, have materially reduced our net profits. The greater part of this loss is preventable and I therefore recommend that the Company construct its own smelter." He went on with estimates of costs and the estimated saving per ton, but Mary Fortune allowed her attention to stray. She was thinking of Rimrock Jones, and she was watching Rimrock's proxy. Like a criminal on trial L. W. sat glowering, his dead cigar still in his teeth; and before the end of the report was reached the sweat was beading his face. "Well, I, for one," began Stoddard diplomatically, "most heartily approve of this plan. It will necessitate, of course, a postponement of profits, but I think we can all stand that. I therefore suggest that we apply this year's profits to the immediate construction of a smelter and, if I hear a motion, we will consider the question of passing
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