such despair in his heart. He knew that from now on he must distrust every one. If those who had been nearest and dearest to him could so chastise him, there was nothing to hope for in the future. Then a terrifying thought came to him... if every one had turned against him, could it be possible that he himself had after all been wrong? He sat there with bowed head, striving to analyze himself and the life he had lived so strictly in accord with what he believed was right. Treadway entered the office and was startled by his physical appearance.

"You're not well," he exclaimed. "Shall I call a doctor?"

Norton roused himself, gave him a long, searching glance, and then shook his head.

"No, Treadway," he said in a voice so hollow that it added to the secretary's alarm. "It isn't a doctor I need; it's time in which to readjust myself . . . Sit down."

With wondering eyes never leaving his chief's face, Treadway seated himself and waited. That it was an epochal moment he could not fail to sense, but its exact purport did not occur to him. Norton's question therefore took him completely off his guard.

"Why did you do it?" the old man cried, with so much feeling in his voice that Treadway was genuinely affected; but as yet no understanding came to relieve his suspense.

"Do what?" he inquired. "I'm afraid I don't . . ." Treadway's lack of comprehension angered Norton. To his mind, in which honor was synonymous with life,

it was unbelievable that any man could be guilty of crime without having its consciousness ever stalking before him. The calm, unruffled bearing stirred in Norton a resentment which made him again the pitiless judge rather than the injured patron.

"Don't try stalling!" he said sharply. "Your game is up. . . And I trusted you, Treadway!"

The secretary rose with that consummate dignity he knew so well how to assume.

"Something has evidently occurred of which I am ignorant, . . I have apparently lost your confidence, sir.

"You have lost more than that," Norton interrupted sternly. "When a man stoops to crime he loses everything."

"Sir!" Treadway exclaimed indignantly. "If you are applying your remarks to me. . ."

"Cut out the dramatics!" Norton commanded; "I want facts. How many notes are there outstanding on which my name has been forged by you?"

Treadway stiffened, and regarded his chief steadily for several moments in silence, but during this period his mind was unusually active. So Cross had given him away! Treadway knew Norton well enough to realize the hopelessness of throwing himself on his mercy. His only possible salvation lay in appealing to the older man's self-interest. As Norton watched him, he saw a complete metamorphosis in his secretary The sleek, polished, deferential man of the world changed into a cunning, resourceful antagonist. There were no evidences of remorse or of apprehension.

Treadway at bay held himself perfectly in hand. He calmly reseated himself and played with the ivory paper-cutter.

"At last we meet as man to man," he said defiantly. "You have discovered this too late, Norton. A year ago you might have made things unpleasant for me; today I have something on which to trade."

"I have no interest in your personal affairs," Norton exclaimed. "I asked you a question and I want an answer How many forged notes are outstanding?"

"I really don't know without consulting my private books," Treadway answered indifferently; "but enough to make it absolutely necessary for you to trade with me if you wish to straighten matters out. I have taken good care of that.”

"Trade with you?" Norton repeated. "What nonsense are you talking! Trade with a criminal . . . a forger! I've asked you a question. If you don't choose to answer, that's all there is to it. . . I had hoped there might be some explanation which would at least mitigate the enormity of your duplicity."

"I can take care of everything if you give me time," Treadway explained. "The money is not lost . . . In fact I've done very well with it. Give me your promise that you won't prosecute, and no one need suffer at all. In another six months I shouldn't have needed any ... loans from the Company."

"Do you realize that you are asking me to compound a felony ?"

Treadway shrugged his shoulders.

"You've driven some pretty hard bargains yourself, Norton."

"Have I ever broken the law?"

"Perhaps not," Treadway admitted; "but there are those who say you've bent it."

The assurance manifested by his secretary astonished Norton. He became more and more incensed by his insolence, but he was interested to see how far the man would go.

"What is this 'trade' you suggest?"

"Ah! that's better!" Treadway exclaimed. "I felt sure you didn't care to have this complication on top of all the others! The Company reached its borrowing limit at the banks six weeks ago. The note-brokers who have been handling the Company paper since then are only doing so to protect their holdings. They know that with our cancelations, shrunken inventories, and labor troubles there is at least a chance that even the famous Norton Manufacturing Company may find itself seriously embarrassed. If they discover now that a part of the paper they hold is not genuine, and that they must face a substantial loss, the Company's only resource will be cut off."

"Very interesting, Treadway," Norton commented; "go on."

"If, on the other hand, matters are not disturbed, within six months everything will straighten out. These notes of mine, when presented, will either be retired by me, or renewed."

"I shan't even have to sign the renewals, shall I?” Norton inquired scornfully.

"Except for such renewals as are necessary," Treadway continued, unruffled by the stinging sarcasm, “I shall of course issue no new notes I give you my word of honor."

"Your word of honor!" the old man repeated with emphasis. "Very ingenious, Treadway . . . Your abilities are too great to be wasted on so insignificant a position as you now hold. The State calls for your services. I will no longer stand between you and your destiny!"

Norton reached for the telephone, called the police department, and asked that an officer be sent at once to his office.

"You wouldn't do that!" Treadway cried, surprised by the suddenness of his action.

"I have done it," Norton replied with finality.

Treadway's face darkened as he rose to his feet. Irresolutely he went to his own desk and seated himself, Norton's eyes never leaving him. Thus they sat for several moments.

III

Suddenly the tense silence was broken by a commotion in the outer office. There was the sound of broken glass, of furniture being thrown about, and the angry voices of men.

"The boss... the boss!" they shouted; "we want the boss!"

"See what that is, Treadway," Norton instructed him. "Tell them I am not to be disturbed."