"He can be replaced, I suppose?" Phipps shrugged his shoulders.

"With some difficulty, sir," Harrison felt compelled to admit. "There is, as I dare say you are aware, sir, a certain feeling against us in the various Exchanges. The best men are warned against accepting employment with us."

"We pay higher salaries than any one else in the trade."

"The business methods of the company towards its employees," the manager acknowledged, "have always been excellent. Still, there is a feeling."

The chairman of the B. & I. sighed.

"We will pursue the subject later, Harrison," he said. "In the meantime, promote some one else on the staff, if necessary. Do your best to fill Roberts' place adequately."

"Very good, sir."

Dredlinton lounged into the office a few minutes later. Phipps welcomed him without any particular enthusiasm, but promptly dismissed the typist to whom he had been dictating.

"It happens that you are just the man I want to see," he declared.
"Sit down."

Dredlinton sank a little wearily into an easy-chair, after a glance of disappointment at the retreating figure.