The colonel held a scrap of paper in his hands. He carefully twisted it between his fingers into a neat spiral before he replied.

"There are two ways to make money," said he, finally. "I favored one way and my partners the other. So I quit the business."

Jarrod sat silent for a time. Then he asked:

"Does your Cottagers' Association amount to anything?"

"No."

"Then why does it exist?"

"To save Wilder and Easton from the danger of a more serious organization. They encourage it. Once a year the cottagers meet and talk things over, and rail at their oppressors and become very indignant. Then they go home with the idea they've performed their full duty. Those meetings are good fun, Mr. Jarrod. Wilder always attends them and welcomes every cottager as cordially as if he were giving a party. Then he sits in a front seat and laughs heartily at the rabid attacks upon himself and his partner. The next annual meeting is tomorrow night. I advise you to go."

"I intend to," said Jarrod. "By the way, how do Wilder and Easton agree with each other?"

"Not at all. They constantly quarrel over one thing or another. Wilder resents the fact that old man Easton is pocketing two-thirds of the profits, while Easton resents Wilder's habit of laying every unpopular act to his partner, who is therefore bitterly hated while Wilder is considered by many a good fellow. Each would be glad to get rid of the other, if that were possible, but neither wants to be got rid of."

"I see."