“Mr. Cowperwood,” began Mr. Arneel, quietly, in no way disturbed by Cowperwood’s jaunty air, “as I told you over the ’phone, this meeting is called to avert, if possible, what is likely to be a very serious panic in the morning. Hull & Stackpole are on the verge of failure. The outstanding loans are considerable—in the neighborhood of seven or eight million here in Chicago. On the other hand, there are assets in the shape of American Match stocks and other properties sufficient to carry them for a while longer if the banks can only continue their loans. As you know, we are all facing a falling market, and the banks are short of ready money. Something has to be done. We have canvassed the situation here to-night as thoroughly as possible, and the general conclusion is that your loans are among the most available assets which can be reached quickly. Mr. Schryhart, Mr. Merrill, Mr. Hand, and myself have done all we can thus far to avert a calamity, but we find that some one with whom Hull & Stackpole have been hypothecating stocks has been feeding them out in order to break the market. We shall know how to avoid that in the future” (and he looked hard at Cowperwood), “but the thing at present is immediate cash, and your loans are the largest and the most available. Do you think you can find the means to pay them back in the morning?” Arneel blinked his keen, blue eyes solemnly, while the rest, like a pack of genial but hungry wolves, sat and surveyed this apparently whole but now condemned scapegoat and victim. Cowperwood, who was keenly alive to the spirit of the company, looked blandly and fearlessly around. On his knee he held his blue—banded straw hat neatly balanced on one edge. His full mustache curled upward in a jaunty, arrogant way. “I can meet my loans,” he replied, easily. “But I would not advise you or any of the gentlemen present to call them.” His voice, for all its lightness, had an ominous ring. “Why not?” inquired Hand, grimly and heavily, turning squarely about and facing him. “It doesn’t appear that you have extended any particular courtesy to Hull or Stackpole.” His face was red and scowling.