"I only said that I expected such an answer from you, Armstrong. Here are the facts, straight from the shoulder. Ostensibly, you had nothing to do with that stock issue. In reality, you had everything to do with it. At your suggestion, false statements were sworn to by the Deming directors; the entire scheme of operations as laid out by you was followed by them. The fraud originated with you. Your man, Jimmy Wren, came to Evansville and completed secret arrangements with Williams, at that time Food Products' treasurer. I have absolute proof of all this. "I have forced confessions from Slosson and from Williams--affidavits which give away the whole game so far as you're concerned, and which completely bare your little conspiracy. My attention was directed to the matter in the first place by certain small investors who demanded an investigation; this led me to uncover the facts; these in turn led me to Williams and Slosson--and there you are." Windsor replaced his cigar between his teeth and benignly regarded Armstrong. The latter sat in silence, his brain working at high speed. In a flash he perceived the whole scheme, and realized the danger. Macgowan had cooked up this affair with Williams and Slosson, of course, had laid a very crafty train which would lead Windsor to them. He had carefully covered his own tracks, and had placed Armstrong in a serious predicament. The cool audacity of the thing was staggering. No wonder Windsor was convinced by the evidence furnished him! Affidavits from two of the former Deming directors, actually implicating themselves, probably supported by cunning additional evidence twisted out of the truth to suit the occasion--why, it was damning! Armstrong realized instantly that unless either Williams or Slosson could be shaken in their statements, he was doomed. If they stuck by their guns, nothing could save him. He turned suddenly on Robert Dorns, the flicker of a smile on his lips. "I'd like to have Mansfield here!" he observed whimsically. "I told him about those fraudulent statements when Wren first discovered them, and he was certain that the matter could never be raised against me." "Why didn't you report them, if you knew they were fraudulent?" shot out Windsor, pouncing on this apparent admission of guilt. "Why cover them up?" "It was no business of mine." Armstrong faced him, realized that the crucial fight was on. "I had nothing to do with the statements filed by Deming's directors. So far as I know, they were made out by the treasurer, Williams, and he was the only one who knew them to be false, unless the other directors were in on the deal with him."' Windsor leaned back. "Going to stick to that story?" "You bet! It's the truth," snapped Armstrong. "That devil Macgowan is back of this whole thing, just as he's behind that offer to you." Windsor's eyes narrowed uneasily, but he shook his head.