r me, and had its own way generally."

"Since my time you have never been in so strong a position to make
a stand. We have got all the larger contracts out of the way.
Foreseeing what was likely to come, I have lately fought shy of
taking new ones. Here are heavy orders from Rafter & Son, the
Builders' Company, and others. We must decline them by to-night's
mail."

"Is it really necessary?" asked Mr. Slocum, knitting his forehead
into what would have been a scowl if his mild pinkish eyebrows had
permitted it.

"I think so."

"I hate to do that."

"Then we are at the mercy of the Association."

"If we do not come to their terms, you seriously believe they will
strike?"

"I do," replied Richard, "and we should be in a pretty fix."

"But these demands are ridiculous."

"The men are not aware of our situation; they imagine we have a
lot of important jobs on hand, as usual at this season. Formerly the
foreman of a shop had access to the order-book, but for the last year
or two I have kept it in the safe here. The other day Dexter came to
me and wanted to see what work was set down ahead in the blotter; but
I had an inspiration and didn't let him post himself."

"Is not some kind of compromise possible?" suggested Mr. Slocum,
looking over the slip again. "Now this fourth clause, about closing
the yard an hour early on Saturdays, I don't strongly object to that,
though with eighty hands it means, every week, eighty hours' work
which the yard pays for and doesn't get."

"I should advise granting that request. Such concessions are never
wasted. But, Mr. Slocum, this is not going to satisfy them. They have
thrown in one reasonable demand merely to flavor the rest. I happen
to know that they are determined to stand by their programme to the
last letter."

"You know that?"

"I have a friend at court. Of course this is not to be breathed,
but Denyven, without being at all false to his comrades, talks freely
with me. He says they are resolved not to give an inch."

"Then we will close the works."

"That is what I wanted you to say, sir!" cried Richard.

"With this new scale of prices and plenty of work, we might
probably come out a little ahead the next six months; but it wouldn't
pay for the trouble and the capital invested. Then when trade
slackened, we should be running at a loss, and there'd be another
wrangle over a reduction. We had better lie idle."

"Stick to that, sir, and may be it will not be necess