extra efforts had been put forth so often of late, that the
company had exhausted nearly all its resources.

"I do not understand," remarked one of the directors, looking up from
the statement he had been carefully examining, "how there can be a
hundred and fifty thousand dollars of post-notes due so soon, and only
fifty thousand dollars in bills receivable maturing in the same time.
If I am not mistaken, the post-notes were never issued except against
bills having a few days shorter time to run. How is this, Mr. Lawrence?"

"All that is plain enough," the president replied promptly. "A large
portion of these bills have been at various times discounted for us in
the People's Bank, and in other banks, when we have needed money."

"But why should we be in such need of money?" inquired the director
earnestly. He had been half asleep in his place for over a year, and
was just beginning to get his eyes open. "I believe we have had no
serious losses of late. There have been but few fires that have touched
us."

"But there have been a good many failures in the last six months, most
of which have affected us, and some to quite a heavy amount," returned
the president. "Our post-note business has proved most unfortunate."

"So I should think if it has lost us a hundred thousand dollars, as
appears from this statement."

"It is useless to look at that now," said Mr. Lawrence. "The great
business to be attended to is the raising of means to meet this trying
emergency. How is it to be done?"

There was a deep silence and looks of concern.

"Can it be raised at all? Is there any hope of saving the institution?"
asked one of the board, at length.

"In my opinion, none in the world," was replied by another. "I have
thought of little else but the affairs of the company since yesterday,
and I am satisfied that all hope is gone. There are thirty thousand
dollars to be provided to-morrow. Our balance is but five thousand,
even if all the bills maturing to-day have been paid."

"Which they have, I presume, as no protests have come in," remarked the
president.

"But what is the sum of five thousand dollars set off against thirty
thousand? It is as nothing."

"Surely, gentlemen are not prepared to give up in this way," said the
president, earnestly. "A failure will be a most disastrous thing, and
we shall all be deeply sufferers in the community if it takes place. We
must make efforts and sacrifices to carry it through. Here are