N. A. P. A. PROMISED BITTER FIGHT FOR SUPREMACY OF ALASKAN WATERS!

"I don't know."

"You don't know?"

"No; I never read anything but the 'Past Performances' and the funny page. What does it say?"

"It is the whole story of our enterprise, but ridiculously garbled and exaggerated. It says I have headed a new canning company to buck the trust. It tells about George's feud with Marsh, and says we have both been secretly preparing to down him. Good Lord! It's liable to queer us with the bank and upset the whole deal."

"I didn't give it out."

"It is all done in your particularly picturesque style," declared Emerson, angrily. "Alton swears he knows nothing about it, so you must have done it. It is too nearly correct to have come from a stranger."

"Well?" inquired Fraser, quietly.

"The harm is done, but I want to know who is to blame." When the other made no answer except to stare at him curiously, he flamed up, "Why don't you confess?"

For the first time during their acquaintance, "Fingerless" Fraser seemed at a loss for words; but whether for shame or some other motive, his companion was unable to tell. His nature was so warped that his emotions expressed themselves in ways not always easy to follow, and now he merely remarked, with apparent sullenness: