“I think he should be notified,” said Mr. Merrill, who saw behind this smooth talk the iron club that was being brandished.

Both Hand and Schryhart looked at each other and Arneel while they politely waited for some one else to make a suggestion. When no one ventured, Hand, who was hoping this would prove a ripping blow to Cowperwood, remarked, viciously:

“He might as well be told—if we can reach him. It’s sufficient notice, in my judgment. He might as well understand that this is the united action of the leading financial forces of the city.”

“Quite so,” added Mr. Schryhart. “It is time he understood, I think, what the moneyed men of this community think of him and his crooked ways.”

A murmur of approval ran around the room.

“Very well,” said Mr. Arneel. “Anson, you know him better than some of the rest of us. Perhaps you had better see if you can get him on the telephone and ask him to call. Tell him that we are here in executive session.”

“I think he might take it more seriously if you spoke to him, Timothy,” replied Merrill.

Arneel, being always a man of action, arose and left the room, seeking a telephone which was located in a small workroom or office den on the same floor, where he could talk without fear of being overheard.

Sitting in his library on this particular evening, and studying the details of half a dozen art-catalogues which had accumulated during the week, Cowperwood was decidedly conscious of the probable collapse of American Match on the morrow. Through his brokers and agents he was well aware that a conference was on at this hour at the house of Arneel. More than once during the day he had seen bankers and brokers who were anxious about possible shrinkage in connection with various hypothecated securities, and to-night his valet had called him to the ’phone half a dozen times to talk with Addison, with Kaffrath, with a broker by the name of Prosser who had succeeded Laughlin in active control of his private speculations, and also, be it said, with several of the banks whose presidents were at this particular conference. If Cowperwood was hated, mistrusted, or feared by the overlords of these institutions, such was by no means the case with the underlings, some of whom, through being merely civil, were hopeful of securing material benefits from him at some future time. With a feeling of amused satisfaction he was meditating upon how heavily and neatly he had countered on his enemies. Whereas they were speculating as to how to offset their heavy losses on the morrow, he was congratulating himself on corresponding gains. When all his deals should be closed up he would clear within the neighborhood of a million dollars. He did not feel that he had worked Messrs. Hull and Stackpole any great injustice. They were at their wit’s end. If he had not seized this opportunity to undercut them Schryhart or Arneel would have done so, anyhow.

Mingled with thoughts of a forthcoming financial triumph were others of Berenice Fleming. There are such things as figments of the brain, even in the heads of colossi. He thought of Berenice early and late; he even dreamed of her. He laughed at himself at times for thus being taken in the toils of a mere girl—the strands of her ruddy hair—but working in Chicago these days he was always conscious of her, of what she was doing, of where she was going in the East, of how happy he would be if they were only together, happily mated.