Macgowan, knowing that these people had gathered to watch his power stripped away, took savage pleasure in making them feel that power, in making them feel their own impotence before him, in making them realize that he, and he alone, was the master of Consolidated Securities. And people had gathered to watch. Several hundred were here, the majority from near-by points, others from a distance. These, almost to a man, were behind Armstrong and his committee. Before and during the meeting they were thronging about the hotel rooms, shaking hands, encouraging, pouring their enthusiasm and confidence into the men who were fighting for them. While that long roll of the thousands of investors was being called they sat silent, tense, listening and checking off proxies. Never was the magnificent audacity of Macgowan more manifest than now, as he sat there snarling at those who had come to pull him from his position of power. This arrogant, confident manner of Macgowan's was causing Armstrong worry; he sought for the reason perpetually, and found none. Hour after hour went by. The first day dragged out its length, the second followed. Somewhere in the crowd Armstrong caught a glimpse of a sallow, saturnine visage, lost it again instantly; after a time he remembered that darkly vulpine countenance as the face of Ried Williams. Williams! What was the man doing here? No matter. And now the third day of the meeting. That afternoon would be finished the long roll of the sixteen thousand and more investors. With each name that was called, during these two days and a half, the Protective Association showed its power more clearly. The proxies held by Macgowan's satellites were clearly in the minority. As the totals mounted up, victory became more and more assured to Armstrong. And ever Mansfield sat aloof in thoughtful silence, scrutinizing every word and act of the opposition with that lightning brain of his ready to pounce; and Macgowan, realizing his peril, stepped cautiously. Noon came--noon of the third day. It was an exultant noontide. Sessions was holding the newspaper and financial writers at bay; Judge Holcomb and Doctor Bruton rested. Armstrong and Mansfield lunched with Robert Dorns, who had come down to enjoy the triumph. Calling up Aircastle Point, Armstrong was told that Dorothy was asleep, and left word for her of the victory. The afternoon session opened with a growing tension. The finish was in sight. The last of the T's was called, and the end would now come soon. Armstrong heard the droning rasp of Macgowan's voice, heard the responses, mechanically checked off his own list. He swiftly computed his figures. Close--but certain! "We've beaten the voting trust!" he thought exultantly. "Beaten it!"