"Yes," I admitted, "to meet our March interest and sinking fund. But I am going across the street to the telegraph office to wire it out here and take up our paper."

He looked at me inquiringly, waiting for the next move.

"And the March interest?" he suggested.

"We shall default."

The old dog raised his eyebrows, as if to say that was what he had been waiting for all along.

"Of course," I went on, "that is what you have been working for, and that is why the Mercantile people come down on us at this moment. You think you have got us where you can squeeze the life out of us. Well, you have."

"You are a smart young man, Harrington," the great packer replied genially. "But you have got into a big game. You'd much better have listened to Carmichael when he offered you a chance with us."

"Only this," I said slowly, "I don't sell out to you."