Macgowan waved his cigar. "Henry C. Findlater is making the proposal; I'm not! It's all news to me." Armstrong turned his attention to Findlater. "Let's see. We finance this plant out of Consolidated funds, which belong to the stockholders of Consolidated. My selling organization takes this stock out and sells it to our investors. A good many of them buy it on our unsupported word, because they have faith in us. They pay so much down, so much per month, all out of their savings. Correct?" Findlater, a bit puzzled, nodded assent. "In other words," went an Armstrong, "you propose that we take an extremely long chance with a hundred thousand of trust funds, and employ the confidence of our investors to draw their money into the scheme also. For doing so, we split fifteen hundred shares of the stock free. This, Findlater, is nothing short of bribery. The whole scheme is a misuse of confidence; or, if you prefer the word--theft." Findlater came to his feet, his face purple. "I won't stand such words, Armstrong!" he cried passionately. "I won't stand--" "Then get out," snapped Armstrong, who was white with anger. Findlater stood motionless, silent, under that unwavering gaze. His flushed features betrayed a tremendous effort to hold his anger in check. "You'll be damned sorry for this!" he said slowly. "Is that a threat?" asked Macgowan, sitting up. Findlater whirled on him. "Shut up! I've had enough of your hectoring and bullying; you change your ways or I'll make trouble!" "Look here, Findlater," cut in Armstrong's quiet voice, and the other turned again. "You're under a three year contract to serve this company as president, in consideration of a thousand shares of Consolidated common. Let's have it straight, now. You're threatening me?" "No, I'm not," said Findlater, trembling with rage. "I'm saying that you'll be damned sorry if you turn down this proposition! Some one else will take it up and make big money." "Oh," said Armstrong, and relaxed. "Let them have it and welcome. That's final. Now, may I ask how you'll make trouble for Macgowan?" Findlater mastered himself, and made response in a calmer tone. "I propose to be treated as a gentleman, that's all. Mac comes in and orders me about like a dog; and I want it to stop! As for making trouble, that meant nothing. I--I think my nerves are jangled this morning. Since you won't consider the matter at all, that ends it." "Conceded," said Armstrong, and held out the paper. Findlater took it, nodded, and left the room. Armstrong looked at Macgowan and smiled thinly. "You seem to be on the gentleman's nerves, Mac. An obstinate devil, isn't he?" "He climbed off his perch mighty quick," returned Macgowan. "I don't know when I've seen a better job of dismounting from a high horse! Well, I must run along. See you later. You're leaving to-night?" Armstrong assented, and Macgowan left.