"Well ... tell me the worst—I am brave," she laughed.
"For some reason, impossible to explain, he became possessed of a majority of the bonds of The Dispatch. It is a curious thing. He must have known that a newspaper presents the worst possible field for inactive investment. No property changes more rapidly in transition from a going condition to a forced sale."
"What about the bonds?"
"That is my bad news. The Dispatch has not been financially successful for years. The present owners have resolved to give up the losing struggle."
"I see. But where does that affect me?"
"You hold their bonds. They intend to default on the payment of further interest—and, of course, principal as well."
"Oh...." Judith felt that she should evidence dismay at least sufficient to match Baker's gravity. But there were too many unpleasant things in the world for her to furrow her brow over the loss of a few thousands from her annual income. An admission of that, she knew, however, would shock him: so she contented herself with a noncommittal monosyllable.
"You will lose heavily," he continued. "The bonds constitute a first lien on the property, to be sure, but most of the property consists of good-will, which is not very good, so I'm told. Really all you can hope for is the proceeds from the sale of the machinery and furniture. They'll sell for only a fraction of their value, too. Really, it's quite too bad." The genuine regret in his voice almost made her smile. It was so incongruous that he, who lost nothing, should be so much more affected than she, who lost everything.
"What will become of the paper?" she asked.
"Following foreclosure proceedings a receiver will be appointed, and in the course of time it will be sold at auction—that is, a sale will be held."