It was our first full meeting without Cornish; and Harper sat in his place. He was unruffled and buoyant in manner, in spite of the stock in the Grain Belt Trust Company which he held, and the loans placed with his insurance company by Mr. Hinckley. "I believe," said he, "that we are here to consider a communication from Mr. Cornish. It seems that we ought to hear the letter." "I'll read it in a minute," said Jim, "but first let me say that this grows out of a talk between Mr. Cornish and myself. Hinckley and Barslow know that there have been differences between us here for some time." "Quite natural," said Harper; "according to all the experience-tables, you ought to have had a fight somewhere in the crowd long before this." "Mr. Cornish," went on Mr. Elkins, "has favored the policy of converting our holdings into cash, and letting the obligations we have floated stand solely on the assets by which they are secured. The rest of us have foreseen such rapid liquidation, as a certain result of such a policy, that not only would our town receive a blow from which it could never recover, but the investment world would suffer in the collapse." "I should say so," said Harper; "we'll have to look closely to the suicide clause in our policies held in New England, if that takes place!" "Well," said Jim, continuing, "last Tuesday the matter came to an issue between us, and some plain talk was indulged in; perhaps the language was a little strong on my part, and Mr. Cornish considered himself aggrieved, and said, among other things, that he, for one, would not submit to extinguishment, and he would show me that I could not go on in opposition to his wishes." "What did you say to that?" asked Hinckley. "I informed him," said Jim, "that I was from Missouri, or words to that effect; and that my own impression was, the majority of the stock in our concerns would control. My present view is that he's showing me." A ghost of a smile went round at this, and Jim began reading Cornish's letter. "Events of the recent past convince me," the secessionist had written, "that no good can come from the further continuance of our syndicate. I therefore propose to sell all my interest in our various properties to the other members, and to retire. Should you care to consider such a thing, I am prepared to make you an alternative offer, to buy your interests. As the purchase of three shares by one is a heavier load than the taking over of one share by three, I should expect to buy at a lower proportional price than I should be willing to sell for. As the management of our enterprises seems to have abandoned the tried principles of business, for some considerations the precise nature of which I am not acute enough to discern, and as a sale to me would balk the very benevolent purposes recently avowed by you, I assume that I shall not be called upon to make an offer.