s.

"Ah-ha!" thought Mary, "that's the reason they didn't look up yesterday.
They had seen this, and they felt ashamed."

"As nearly as I can make it out," said the judge, "there's too many
improvements going on, and not enough business. We must do something to
stop these big expenses, and find a way to get more bearings sold--"

He checked himself then and looked at Mary, much as Mac had looked the
previous day, just before issuing his warning.

"Perhaps he's thinking of Uncle Stanley, too," thought Mary.

"Another bad feature is this," continued the judge, "the bank is getting
too strong a hold on the company. We must stop that before it gets any
worse."

"Why?" asked Mary, looking very innocent.

"Because it isn't good business."

"But Uncle Stanley is president of the bank. You don't think he'd do
anything to hurt Spencer & Son; do you?"

The judge tapped his foot on the floor for a time, and then made a noise
like a groan--as though he had teeth in his mind and one of them was
being pulled.

"Many a time," he said, "I have tried to talk you out of your suspicions.
But--if it was any other man than Stanley Woodward, I would say today
that he was doing his best to--to--"

"To 'do' me?" suggested Mary, more innocent than ever.

"Yes, my dear--to do you! And another year's work like this wouldn't be
far from having that result."

Curiously enough it was Mary's great idea that comforted her. Instead of
feeling worried or apprehensive, she felt eager for action, her eyes
shining at the thoughts which came to her.

"All right," she said, "we'll have a meeting in a day or two. I'll wait
till I get my copy of the report."

Wally came that afternoon, and Mary danced with him--that is to say she
danced with him until a freckle-faced apprentice came up from the factory
with an envelope addressed in MacPherson's crabbed hand. Mary took one
peep inside and danced no more.

"If the women can pick it up as quick as the men," she read, "I have
counted 1653 places in this factory where they could be working in a few
weeks time--that is, if the places were vacant. List enclosed.
Respectfully. James O. MacPherson."

It was a long list beginning "346 automatics, 407 grinders--"

Mary studied it carefully, and then after telephoning to the factory, she
called up Judge Cutler.

"I wish you would come down to the office in about half an hour," she
said, ".... Directors' meeting. All right. Thank you."

"What was