"Our people have been collecting inside facts about the O.A.D., about its management ever since you came on to take old Shotwell's place—poor old Shotwell! If we are not put in a position where we can bring about reforms in your management and a better state of affairs, we'll have to take the only other alternative. We have the arrangements made to fire a broadside from four newspapers to-morrow morning. And we've got it so fixed that any return fire you might make would get into the columns of only two newspapers—and one of them would discredit you editorially. Also, we will at the same time expose your committee." Atwater set out this programme with the frankness of a large man of large affairs to one of his own class, one with whom evasions, concealments, and circumlocutions would be waste of time.

Armstrong smiled slightly. "Then it's war?" he said.

"If you insist."

"You know we've got the governor and the attorney-general?"

"But we've got the press, practically all respectability, and a better chance with the Grand Jury and the judges."

Armstrong gazed reflectively into space. "A good fight!" he said judicially. "If I were a very rich man I should hesitate to precipitate it. But, having nothing but my salary—and a good, clean, personal record—I think I'll enjoy myself. I'll not try to steal the credit of making the fight, Mr. Atwater. I'll see that you get all the glory that comes from kicking the cover off hell."

"Speaking of your personal record," said Atwater absently. "Let me see, you were in the A. & P. bond syndicate, in the little steel syndicate last spring, in two stock syndicates a couple of months ago. Your profits were altogether $72,356—I forget the odd cents. And they tell me you've sworn to three reports that won't stand examination."

Armstrong lifted his eyebrows, drew at his cigar awhile. "I see you've been looking me up," he said, unruffled apparently. "Of course," he went on, "I shouldn't expect to escape an occasional shot. But they'd hardly be noted in the general fusillade. The Universal has been a mere shell ever since you used it, in that traction reorganization which failed—I've got a safe full of facts about it. And Morris tells me he can have mobs trying to hang Trafford and his board of directors for their doings in the Home Defender."

Atwater smiled grimly. "I'm sorry to say, Armstrong, we'd concentrate on you. Several of the strong men look on you as a dangerous person. They don't like new faces down in this part of the town, unless they wear a more deferential expression than yours does. Personally, I'd miss you. You're the kind of man I like as friend or as foe. But I couldn't let my personal feelings influence me or oppose the advice of the leading men of finance."

"Naturally not," assented Armstrong.