Ford blew reflective smoke rings toward the ceiling for a full minute or more before he said quietly: "Do I understand that you are authorized to guarantee me ten thousand a year in commissions from the MacMorrogh Brothers, Mr. Eckstein?"

Eckstein laughed.

"You forget that I'm only a clerk, and an onlooker, as you may say. But if you accept MacMorrogh's bid, and he doesn't do the square thing by you and Mr. Frisbie, you may call me in as a witness, Mr. Ford. Does that clear up the doubt?"

"Perfectly," was the quiet rejoinder. "Under these conditions, I suppose it is up to me to wire the executive committee, withdrawing my objections to the MacMorroghs, isn't it?"

"That is the one thing Mr. MacMorrogh asks." The secretary whipped out a note-book and pencil. "Shall I take your message? I can send it when I go back to the office."

"Thank you," said Ford; then he began to dictate, slowly and methodically: "To S.J. Colbrith, care McVeigh and Mackie, New York. This is to recall my objections to MacMorrogh Brothers, as stated in letter of the twenty-fifth from Chicago. Further investigation develops the fact that they are quite honest and capable, and that they will pay me ten thousand dollars a year for withdrawing my opposition."

Eckstein's pencil had stopped and he was gasping for breath.

"Great Scott!" he ejaculated. "That won't do, Mr. Ford! You can't put a thing like that into a telegram to the president!"

Eckstein's pencil had stopped and he was gasping for breath