"The report of our treasurer," said Jepson in closing, "shows a net profit of several million dollars, but I wish to point out our losses.

Chief of these is the enormous wastage which comes from shipping our concentrates. There is no doubt in my mind that the Tecolote properties contain an inexhaustible supply of ore; nor that that ore, if economically handled, will pay an increasing profit. The princ.i.p.al charges, outside the operating expenses, have been freight and the smelting of our concentrates. As you doubtless know, the long haul to El Paso, and the smelter charges at that end, have materially reduced our net profits. The greater part of this loss is preventable and I therefore recommend that the Company construct its own smelter."

He went on with estimates of costs and the estimated saving per ton, but Mary Fortune allowed her attention to stray. She was thinking of Rimrock Jones, and she was watching Rimrock's proxy. Like a criminal on trial L. W. sat glowering, his dead cigar still in his teeth; and before the end of the report was reached the sweat was beading his face.

"Well, I, for one," began Stoddard diplomatically, "most heartily approve of this plan. It will necessitate, of course, a postponement of profits, but I think we can all stand that. I therefore suggest that we apply this year's profits to the immediate construction of a smelter and, if I hear a motion, we will consider the question of pa.s.sing the annual dividend."

He paused and as Mary went on with her writing a dead silence fell upon the room. L. W. glanced at Jepson and then at Stoddard and at last he cleared his throat.

"Well, Mr. President," he said, half-heartedly, "this is a new proposition to me. I regret very much that Mr. Jones isn't here, but--well, I make a motion that we build the smelter and pa.s.s the annual dividend."

He spoke with an effort, his eyes on the table, and at the end he sank back in his chair.

"Did you get that, Miss Fortune?" asked Stoddard solicitously and Mary nodded her head.

"Yes, I second the motion," she answered sweetly and an electric thrill pa.s.sed round the room. It had not been expected by the most optimistic that the vote would be unanimous.

"All in favor, say 'Ay!' spoke up Stoddard sharply, but L. W. had sprung to his feet.

"Mr. President!" he began, suddenly panting with excitement, and Stoddard fixed him with his steely eyes.

"Very well, Mr. Lockhart," he responded curtly, "what is it you wish to say?"

"Why, I--I didn't know," began L. W. haltingly, "that she was going to vote--that way."

"Well, you know it now," answered Stoddard freezingly, "does that conclude your remarks?"

"Oh, no!" burst out L. W., his drawn face twitching. "I--in that case, I change my vote. I don't think Mr. Jones----"

"You haven't voted yet," corrected Stoddard shortly, "all in favor please say: 'Ay!'"

"Ay!" said Mary and as Stoddard echoed it he cast a sneering glance at L. W.

"Do I understand, Mr. Lockhart," he enquired pointedly, "that you wish to go on record as voting 'No'?"

"Yes, put me down 'No!'" directed L. W. feverishly. "I don't approve of this at all. Rimrock needs the money--he wrote me particularly--I wouldn't put him out for the world." He straightened the stoop from his long, bent back and his eyes opened up appealingly. "Put me down for a 'No,'" he repeated wildly. "My G.o.d, he'll kill me for this. I wouldn't cross that boy for anything in the world--he's the best friend a man ever had. But put me down 'No'--you will, won't you, Miss? I don't want Rimrock to know."

"Mr. Lockhart votes 'No,'" broke in Stoddard peremptorily, "the 'Ayes'

have it and the motion is carried. Is there any other business?"

His cold, incisive words seemed almost to stab, but L. W. still swayed on his feet.

"I'd like to explain," he went on brokenly. "I never go back on a friend. But Rimrock, he's wasting his money back there--I thought it would be a kindness."

"Yes, yes, Mr. Lockhart," interrupted Stoddard impatiently, "we all know the goodness of your heart. Do I hear a motion to adjourn?"

He shifted his keen, commanding eyes to Mary, who nodded her head in return. She was watching L. W. as he stood there sweating, with the anguish of that Judas-like thought. He had betrayed his friend, he had sold him for gold; and, already, he was sorry.

"Second the motion," said Stoddard. "All in favor say 'Ay!' The meeting stands adjourned."

He rose up quickly and gathering up his papers, abruptly left the room.

Jepson followed as quickly and L. W., still talking, found himself alone with the girl. She was gazing at him strangely and as he paused enquiringly she went over and held out her hand.

"I understand, Mr. Lockhart," she said, smiling comfortingly. "I understand just how you feel. It _was_ a kindness--I felt so myself--and that's why I voted as I did."

The staring eyes of L. W. suddenly focused and then he seized her hand.

"G.o.d bless you," he cried, crushing her fingers in his grip. "You'll make it right on the books? G.o.d bless you, then; I wouldn't sell out that boy for all the money in the world."

He broke off suddenly and dashed from the room while Mary gazed pensively after him. She too, in a way, had betrayed her friend; but she had not done it for gold.

As secretary of the Company and the Board of Directors it devolved upon Mary Fortune to notify Rimrock of the pa.s.sed dividend. She knew as well as L. W. knew that it would be a bitter blow to him, but she felt no pity or regret. The money that would otherwise be wasted in New York would be diverted to the construction of the smelter, and if he found the loss a hardship he had only himself to thank. She went into her office and shut the door, but, simple as the letter seemed, she was unable to put it on paper. Three times she tried, but at each attempt her pent-up anger burst forth and the coldest and most business-like words she could summon seemed packed with hate and resentment. She gave up at last and was sitting listlessly when she heard voices in the outer room. It was Jepson and Stoddard, and as she listened closer she could make out what they said.

"I've got a report here," said the voice of Jepson, "that I'd like to show you--alone."

There was an impatient slamming of desk drawers and then the clerk spoke up--the young man who had taken Mary's place.

"That report of the experts? I put it in here. You remember, on account of Miss Fortune."

"Oh, yes," answered Jepson, "and by the way, where is she?"

And then suddenly his voice was dropped. Mary reached for her ear-'phone and slipped it on and listened to catch every word. If Jepson saw fit to practice deceit she had no compunction in listening in.

"Well, that's all right," he was saying, "she can't hear what we say.

You go on out for your lunch."

There was a scuffling of feet and then, still talking, Jepson led the way to the Directors' room.

"Yes, she reads your lips--she's really quite clever at it--that's her, running the typewriter, now."

He shut the door and for several minutes Mary played a tattoo on her machine. Then she keyed down quietly and, setting her transmitter at its maximum, she turned it towards the wall.

"This is that report," the voice of Jepson was saying, "that you spoke to me about in the spring. It gives the geology of the whole Tecolote properties, by the very best experts in the field--three independent reports, made in advance of litigation, and each comes to the same conclusion. If we accept the ore-body as a single low-grade deposit instead of a series of high-grade parallel veins--and each of these experts does--the crest of that dome, the Old Juan claim, is the apex of the whole. In other words, according to the apex law, the possession of the Old Juan claim will give us indisputable right to the whole property. You can look over that yourself."

There was a period of silence, broken only by the rattling of Mary Fortune's machine, and then they began again.

"Very well," said Stoddard, "this seems satisfactory. Now what about this L. W. Lockhart? In our meeting this morning he showed such a contemptible weakness that--now Jepson, that was very careless of you!

Why didn't you find out before that fiasco how Miss Fortune intended to vote? It must have been perfectly evident to her, from the way Mr.

Lockhart talked, that he had been--well, over-persuaded, to say the least. It was very awkward, and if I hadn't rushed it she might have reconsidered her vote. But never mind that--I suppose you did your best--now who is to re-locate this claim?"

"Well, that's the question," began Jepson. "There's a man here named Bray, who used to keep a saloon--"

"No, no!" broke in Stoddard, "no disreputable characters! Now, Jepson, this is up to you! You're the only man we can trust in an extremity----"

"Positively--no!" exclaimed Jepson firmly. "I absolutely refuse to touch it. I'll arrange the preliminaries, but after it's started you must look to your attorneys for the rest."

"Oh, nonsense!" cried Stoddard, "isn't it perfectly legal? Won't the claim be open to location? Well, then, why this sudden resort to evasion and hairsplitting, and all over a mere detail?"

"I have told you before," answered Jepson impatiently, "that it's against the ethics of my profession. I am a mining engineer and if you want this claim jumped----"