"The report of our treasurer," said Jepson in closing, "shows a net profit of several million dollars, but I wish to point out our losses. Chief of these is the enormous wastage which comes from shipping our concentrates. There is no doubt in my mind that the Tecolote properties contain an inexhaustible supply of ore; nor that that ore, if economically handled, will pay an increasing profit. The principal charges, outside the operating expenses, have been freight and the smelting of our concentrates. As you doubtless know, the long haul to El Paso, and the smelter charges at that end, have materially reduced our net profits. The greater part of this loss is preventable and I therefore recommend that the Company construct its own smelter." He went on with estimates of costs and the estimated saving per ton, but Mary Fortune allowed her attention to stray. She was thinking of Rimrock Jones, and she was watching Rimrock's proxy. Like a criminal on trial L. W. sat glowering, his dead cigar still in his teeth; and before the end of the report was reached the sweat was beading his face. "Well, I, for one," began Stoddard diplomatically, "most heartily approve of this plan. It will necessitate, of course, a postponement of profits, but I think we can all stand that. I therefore suggest that we apply this year's profits to the immediate construction of a smelter and, if I hear a motion, we will consider the question of passing the annual dividend." He paused and as Mary went on with her writing a dead silence fell upon the room. L. W. glanced at Jepson and then at Stoddard and at last he cleared his throat. "Well, Mr. President," he said, half-heartedly, "this is a new proposition to me. I regret very much that Mr. Jones isn't here, but--well, I make a motion that we build the smelter and pass the annual dividend." He spoke with an effort, his eyes on the table, and at the end he sank back in his chair. "Did you get that, Miss Fortune?" asked Stoddard solicitously and Mary nodded her head. "Yes, I second the motion," she answered sweetly and an electric thrill passed round the room. It had not been expected by the most optimistic that the vote would be unanimous. "All in favor, say 'Ay!' spoke up Stoddard sharply, but L. W. had sprung to his feet. "Mr. President!" he began, suddenly panting with excitement, and Stoddard fixed him with his steely eyes. "Very well, Mr. Lockhart," he responded curtly, "what is it you wish to say?" "Why, I--I didn't know," began L. W. haltingly, "that she was going to vote--that way." "Well, you know it now," answered Stoddard freezingly, "does that conclude your remarks?" "Oh, no!" burst out L. W., his drawn face twitching. "I--in that case, I change my vote. I don't think Mr. Jones----" "You haven't voted yet," corrected Stoddard shortly, "all in favor please say: 'Ay!'" "Ay!" said Mary and as Stoddard echoed it he cast a sneering glance at L. W.