"It is the same old trouble about bonds, Judge Hildreth. There are not enough of them to go round."

The Judge rubbed his hands in simulated pleasure. "Well, that shows good management, Peters, if the public are hungry for our stock."

"The public are fools!" said the young man, hotly.

"Not at all, Peters. A discriminating public, you know, always chooses the best depositaries." He chuckled softly. He had turned his eyes towards the window so as not to see the ghostly figure behind the young man's chair which had such a world of reproach in its face. "There is only one thing to do, Peters. We must water it a little, eh?"

"It seems to me we've been using the watering-pot rather too frequently."

The Judge started. Had he detected a menace in the tone?

He temporized. His plans were not sufficiently matured yet. When they were he would crush this tool of his as surely and as carelessly as he would have crushed a fly.

"Nonsense, Peters!" he said pleasantly; "that is only a little clever financing to tide us over the hard places. Of course we will make it all good to the public—by and bye."

"How?" The question rang out through the office like a pistol shot.

The Judge looked at the man before him in amaze. For once his face showed determination and an honest purpose.