"Conceded," said Armstrong, and held out the paper.

Findlater took it, nodded, and left the room.

Armstrong looked at Macgowan and smiled thinly. "You seem to be on the gentleman's nerves, Mac. An obstinate devil, isn't he?"

"He climbed off his perch mighty quick," returned Macgowan. "I don't know when I've seen a better job of dismounting from a high horse! Well, I must run along. See you later. You're leaving to-night?"

Armstrong assented, and Macgowan left.

There would be no further trouble with the nominal president, at least for a while, felt Armstrong. Blocked in his efforts to vote directors' salaries, he had conceived this other scheme of looting; he would now, doubtless, turn his attention to matters outside Consolidated.

So Armstrong forgot the matter of the National Reduction Company.

He picked up Jimmy Wren for luncheon, and found himself immensely benefited by that young man's eager exuberance. The Armstrong Company was to all intents under the hand of Wren, who was given a free rein like other of Armstrong's chief men; this vastly aided their self confidence and sense of responsibility, and any interference by Armstrong was made indirectly. It was good for the company to have men like Jimmy Wren feel that their executive ability was recognized and given scope to work.

Armstrong tried to induce Wren to join the Christmas festivities at Evansville, but met with an embarrassed refusal which vaguely puzzled him. He knew nothing of Dorothy's encounter with "Mrs. Bird Fowler." He did know, however, that of late Jimmy Wren had been not quite himself, and appeared to be in need of a vacation. Upon returning from luncheon, Armstrong took Wren to his own office.

"Come in and go over this Food Products campaign," he said. "There are one or two points I'd like to discuss—hello!"