"MY DEAREST LOUDON,--How am I to prepare you for this dire intelligence? O, dear me, it will strike you to the earth. The flat has gone forth; our firm went bust at a quarter before twelve. It was a bill of Bradley's (for two hundred dollars) that brought these vast operations to a close, and evolved liabilities of upwards of two hundred and fifty thousand. O, the shame and pity of it, and you but three weeks gone! Loudon, don't blame your partner; if human hands and brains could have sufficed I would have held the thing together. But it just slowly crumbled; Bradley was the last kick, but the blamed business just _melted_. I give the liabilities--it's supposed they're all in--for the cowards were waiting, and the claims were filed like taking tickets to hear Patti. I don't quite have the hang of the assets yet, our interests were so extended; but I am at it day and night, and I guess will make a creditable dividend. If the wreck pans out only half the way it ought we'll turn the laugh still. I am as full of grit and work as ever, and just tower above our troubles. Mamie is a host in herself. Somehow I feel like it was only me that had gone bust, and you and she soared clear of it. Hurry up. That's all you have to do. "Yours ever, "J. PINKERTON." The third was yet more altered:-- "MY POOR LOUDON," it began, "I labour far into the night getting our affairs in order; you could not believe their vastness and complexity. Douglas B. Longhurst said humorously that the receiver's work would be cut out for him. I cannot deny that some of them have a speculative look. God forbid a sensitive, refined spirit like yours should ever come face to face with a Commissioner in Bankruptcy; these men get all the sweetness knocked right out of them. But I could bear up better if it weren't for press comments. Often and often, Loudon, I recall to mind your most legitimate critiques of the press system. They published an interview with me, not the least like what I said, and with _jeering_ comments; it would make your blood boil, it was literally _inhumane_; wouldn't have written it about a yellow dog that was in trouble like what I am. Mamie just winced, the first time she has turned a hair right through the whole catastrophe. How wonderfully true was what you said long ago in Paris about touching on people's personal appearance! The fellow said ----" [And then these words had been scored through and my distressed friend turned to another subject.] "I cannot bear to dwell upon our assets. They simply don't show up. Even _Thirteen Star_, as sound a line as can be produced upon this coast, goes begging. The wreck has thrown a blight on all we ever touched. And where's the use? God never made a wreck big enough to fill our deficit I am haunted by the thought that you may blame me; I know how I despised your remonstrances. O,