t;
And they'll none of 'em be missed--they'll none of 'em be missed!"

hummed Mr. Beck. "It looks good to me! I'll take a hundred thousand."

"Mr. Chippingham has the papers drawn already," continued Elderberry.
"Of course you've got to give the old stockholders notice, but we can
rush the thing through and before anybody wakes up the thing will be
done. Then they can holler all they want."

"Well, I'll come in," announced Hunn complacently.

"So will I," echoed Scherer. "And the firm can underwrite the last
hundred thousand, and that will clean it up."

"Is it all right for us to underwrite the stock ourselves at half
price?" inquired Mr. Beck. "I mean--is it legal?"

"Sure!" reiterated Mr. Chippingham. "Somebody's got to underwrite it;
why not us?"

"Move we adjourn," said Mr. Greenbaum. "Elderberry--the usual."

Mr. Elderberry removed from his change pocket five glittering gold
pieces and slid one across the glass sheet to each director.

"Second motion. Carried! All up--seventh inning!" smiled Mr. Scherer;
and the directors, pocketing their gold pieces, arose.

If, as it has been defined, ethics consists of a "system of principles
and rules concerning moral obligations and regard for the rights of
others," it may be interesting to speculate as to whether or not these
gentlemen had any or not, and, if so, what it may have been. But in
considering this somewhat nice question it should be borne in mind that
Messrs. Scherer, Hunn, Greenbaum & Beck were bankers of standing, and
were advised by a firm of attorneys of the highest reputation. On its
face, and as it was about to be represented to the stockholders of
Horse's Neck, the proposition appeared fair enough.

The circular, shortly after sent out to all the names upon the list,
stated succinctly that financial and labor conditions had been such that
it had been found impossible to operate the mine profitably for several
years, that it had depreciated greatly in value owing to the water which
had accumulated in its lower levels, that it had exhausted its surplus,
that a heavy indebtedness had accumulated, that the corporation's
outstanding notes had been protested and that the property would be sold
under foreclosure unless money was immediately raised to pay them, the
interest due and taxes; that half a million dollars was needed to put
the property in operation and that there was no way to secure it, as
nobody was willing to loan money to a bankrupt mi