"The election of officers takes place to-morrow. Findlater agrees to drop Macgowan from all connection with Consolidated. This means that Macgowan will fight bitterly. In order to insure beating him, the Stockholders' Protective Association is to throw its votes to Findlater and continue him in office. The issue of ten thousand shares to Williams will be withdrawn. Holcomb and Bruton will be placed on the directorate." Armstrong stared. "You say that the Association must vote with Findlater?" "That is the _sine qua non_. No counter offer will be considered. The answer must come at once." Armstrong fell into thought. The offer was seemingly fair enough. Macgowan would be smashed utterly and beyond recall--this was certain. Victory! Judge Holcomb and Doctor Bruton would become directors. It would mean a tremendous personal triumph for Armstrong-- At a price. He started, stung to the quick as he perceived the truth. Now he saw why Mansfield would give no advice, why the answer to this proposal must come from him and from no other! Week after week, by letter and word of mouth and press notices, the present management of Consolidated Securities had been under the bitterest fire from the Association. The attack had been directed overwhelmingly against Findlater and his associates. They had been publicly exposed and branded as grafters, thieves, looters. Under the surface, the attack was upon Macgowan, but Findlater and his associates were the ostensible targets. It was for the overthrow of this management that the Protective Association had been working day and night. The object of this whole campaign had been that of getting Consolidated Securities into honest hands, out of Findlater's grip. For that purpose proxies were held from far and near, thousands of them, proxies of those who had entrusted their votes to the Protective Association, for the common cause, for the common welfare. A harsh, hard laugh rang from Armstrong. "Did Garvin make you this proposal?" "Yes," said Mansfield, imperturbable and cold. "You have a singular code of legal ethics in these parts," said Armstrong, his voice like acid. "Garvin stands remarkably high as a lawyer--almost as high as you do, Mansfield. But I know lawyers out West who would kick a client out of the office if they asked him to carry such a proposal as this." Mansfield's face stirred slightly, wakened from its cold calm. "Garvin," he said after a moment, "will resign as chief counsel to Consolidated. He bore the message as a part of his duty, and so informed me." "In that case," said Armstrong, "I should be glad to retain his services." Mansfield raised his brows. "Ah! But your answer to this proposal?"