"You know there's a meeting of the directors of Consolidated at eleven, Reese." His voice was level, unimpassioned, stinging. "Here are two papers which I wish to lay before the board for immediate action, if you'll kindly sign them." Armstrong looked at the typed sheets which were slid over the desk to him. He read the words. Incredulity gripped him; he read them again, his brain whirling. Anger surged up in him, he was stupefied by a frightful bewilderment. One of those papers was his resignation as a director of Consolidated. The other was a cancellation of the contract by which the Armstrong Company was handling Food Products stock. He lifted an uncomprehending gaze to Macgowan. "Mac--what sort of a joke is this?" "No joke," came the inflexible answer. It was smoothly deliberate, that voice. But the eyes that met Armstrong--the eyes were terrible! "No joke at all, Reese. Unless you sign here and now, this letter goes out to-day. You had better read it carefully." He placed a third paper in front of Armstrong. The latter mechanically picked it up, read it through with blundering senses. From the corner, Evarts looked on wide-eyed, not understanding, yet gripped by the scene. The letter was signed by Macgowan and Findlater, as attorney and president of Consolidated Securities. It was addressed to the commissioner of securities of Ohio, related various complaints of the manner in which Food Products stock had been handled by the Armstrong Company, and charged misrepresentation and fraud on the part of that company. It went on to demand a full investigation, a withdrawal of the license granted Armstrong in Ohio, and full penalties. "We have affidavits to back up these complaints," went on that deadly voice. "A Federal investigation is under way; I caused it, being satisfied that you were playing crooked. A fraud order will be issued against you to-day at my request." He paused an instant, then proceeded slowly, giving full force to his words. "To protect ourselves against you, Consolidated is forced to take this step. This letter and similar ones will go out to every state in which the Armstrong Company operates. We demand full publicity. The alternative is your resignation--now. Either resign, or we show you up to the whole country as a crook." Armstrong stared at the letter. He was dazed, shocked into chaotic bewilderment. "But this isn't true! It's damnably false!" Then he looked up into those brilliant, pitiless eyes that bored into him, and read the bitter truth. A hoarse cry broke from him. "You--Judas! Judas!" The word died on his lips. Too late, he saw himself betrayed, lured to destruction by this man whom he had trusted. A spasm of fury seized him. He crushed the letter into his pocket, half rose from his chair; his hands darted out toward Macgowan, a madness of rage blinding him--