“The notice has gone up on the door,” said the manager. “I sent word to the police. Crowds are ugly sometimes.”

Valiant drew a sudden sharp breath. The Corporation down in the mire, with crowds at its doors ready to clamor for money entrusted to it, the aggregate savings of widow and orphan, the piteous hoarded sums earned by labor over which pinched sickly faces had burned the midnight oil!

The older man had turned back to the desk to draw a narrow typewritten slip of paper from a pigeonhole. “Here,” he said, “is a list of the bonds of the subsidiary companies recorded in your name. These are all, of course, engulfed in the larger failure. You have, however, your private fortune. If you take my advice, by the way,” he added significantly, “you’ll make sure of keeping that.”

“What do you mean?” John Valiant faced him quickly.

The other laughed shortly. “‘A word to the wise,’” he quoted. “It’s very good living abroad. There’s a boat leaving to-morrow.”

A dull red sprang into the younger face. “You mean—”

“Look at that crowd down there—you can hear them now. There’ll be a legislative investigation, of course. And the devil’ll get the hindmost.” He struck the desk-top with his hand. “Have you ever seen the bills for this furniture? Do you know what that rug under your feet cost? Twelve thousand—it’s an old Persian. What do you suppose the papers will do to that? Do you think such things will seem amusing to that rabble down there?” His hand swept toward the window. “It’s been going on for too many years, I tell you! And now some one’ll pay the piper. The lightning won’t strike me—I’m not tall enough. You’re a vice-president.”

“Do you imagine that I knew these things—that I have been a party to what you seem to believe has been a deliberate wrecking?” Valiant towered over him, his breath coming fast, his hands clenched hard.

“You?” The manager laughed again—an unpleasant laugh that scraped the other’s quivering nerves like hot sandpaper. “Oh, lord, no! How should you? You’ve been too busy playing polo and winning bridge prizes. How many board meetings have you attended this year? Your vote is proxied as regular as clockwork. But you’re supposed to know. The people down there in the street won’t ask questions about patent-leather pumps and ponies; they’ll want to hear about such things as rotten irrigation loans in the Stony-River Valley—to market an alkali desert that is the personal property of the president of this Corporation.”

Valiant turned a blank white face. “Sedgwick?”