"May I inquire the nature of this merger?" Emerson ventured, amazed at this disclosure of the intimate relations existing between the two. "Certainly," replied Wayne Wayland. "There is no longer any secret about it, and the papers will be full of the story in the morning. I have combined the packing industries of the Pacific Coast under the name of the North American Packers' Association." Boyd felt himself growing numb. "What do you mean by 'packing industries'?" asked Mildred. "Canneries--salmon fisheries! We own sixty per cent. of the plants of the entire Coast, including Alaska. That's why I've been so keen about that north country, Boyd. You never guessed it, eh?" "No, sir," Boyd stammered. "Well, we control the supply, and we will regulate the market. We will allow only what competition we desire. Oh, it is all in our hands. It was a beautiful transaction, and one of the largest I ever effected." Was he dreaming? Boyd wondered. His mouth was dry, but he managed to inquire: "What about the independent canneries?" Marsh laughed. "There is no sentiment in business! There are about forty per cent. too many plants to suit us. I believe I am capable of attending to them." "Mr. Marsh is the General Manager," Wayland explained. "With the market in our own hands, and sufficient capital to operate at a loss for a year, or two years, if necessary, I don't think the independent plants will cost us much." Emerson found his sweetheart's eyes fixed upon him oddly. She turned to her father and said: "I consider that positively criminal." "Tut, tut, my dear! It sounds cruel, of course, but it is business, and it is being done every day; isn't it, Boyd?" Boyd made no answer, but Marsh hastened to add: "You see, Miss Wayland, business, in the last analysis, is merely a survival of the fittest; only the strong and merciless can hold their own." "Exactly," confirmed her father. "One can't allow sentiment to affect one. It isn't business. But you don't understand such things. Now, if you young people will excuse me, I shall remove the grime of toil, and return like a giant refreshed." He chuckled to himself and left the room, highly pleased with the events of the day. CHAPTER XII IN WHICH MISS WAYLAND IS OF TWO MINDS That Willis Marsh still retained some curiosity regarding Emerson's presence at the Annex on that night four weeks before, and that the young man's non-committal reply to his inquiry about the new enterprise mentioned by Mildred had not entirely satisfied him, was proved by the remark which he addressed to the girl the moment her father's departure afforded him an opportunity.