"They need the money," chuckled Mr. Smythe. "Those city bonds, you know." "What bonds?" demanded Bobby eagerly, but trying to speak nonchalantly. Mr. Smythe suddenly realized the solemn gravity of his folly. Once more he was talking too much. Once more! It was a thing to weep over. "I'm a fool," he confessed in awe-stricken tones; "a rotten fool, Burnit. I'm ashamed to look anybody in the face. I'm ashamed----" "It's highly commendable of you, I'm sure," Bobby agreed, and took his hasty leave before Clarence should begin to sob. Immediately he called up Chalmers at his home. "Chalmers," he demanded, "why must the Consolidated Illuminating and Power Company purchase city bonds?" Chalmers laughed. "Originally so Sam Stone could lend money to the Consumers' Electric. It is a part of their franchise, which is renewable at their option in ten-year periods, and which became a part of the Consolidated's property when the combine was effected. To insure 'faithful performance of contract,' for which clause every crooked municipality has a particular affection, they were to purchase a million dollars' worth of city bonds. Each year one hundred thousand dollars' worth were retired. In the tenth year, in renewing their franchise for the next ten years, they were compelled to renew also their million dollars of city bonds. These bonds they then used as collateral. Stone carried all that he could, at enormous usury, I understand, and let some of his banker friends in on the rest; and I suppose the banks paid him a rake-off. The ten-year period is up this fall, and their bonds are naturally retired; but, of course, they will renew." "I'm not so sure about that," said Bobby. "Look up everything connected with it in the morning, and I'll see you at noon." When they met the next day at noon, however, before Bobby could talk about the business in hand, Chalmers, with a suppressed smile, handed him a folded slip of paper. Bobby examined that legal document--a dissolution of the injunction which had tied up a hundred and fifty thousand dollars in his bank for more than two years--with a sigh of relief. "It seems," said Chalmers dryly, "that at the time you laid yourself liable to Madam Villenauve's breach-of-promise suit she had an undivorced husband living, Monsieur Villenauve complacently hiding himself in France and waiting for his share of the money. Let this be a lesson to you, young man." Bobby hotly resented that grin. "I'll swear to you, Chalmers," he asserted, "I never so much as thought of the woman except as a nuisance." "I apologize, old man," said Chalmers. "But at least this will teach you not to back any more grand opera companies." "I prefer to talk about the electric situation," said Bobby severely. "What have you found out about it?"