business to know all about banking affairs. That must be my excuse for knowing so much of yours. Bluntly, I know that you are heavily mortgaged here. Has it ever occurred to you what you would do if for one reason or another these mortgages should not be renewed?"
Colonel Peyton struggled against his instinct to draw into his shell. In his opinion this sort of thing was an invasion of his private affairs; but he was broad enough to realize that from a business point of view it probably was not.
"The paper is held by our local bank, sir; and the bank is governed by my friends. The security is certainly good, as you will admit. While the interest is of course a burden to me, I anticipate no other difficulty."
The thin, gray face before him became inscrutable. It was time to throw the scare.
"You're sure it's governed by your friends?"
"What do you mean, sir?" cried the Colonel, "my life-long associates!"
"Colonel Peyton," pronounced the financier, "I am free to confess that I came out here to propose an arrangement in regard to your land that would be mutually profitable. I see you are in no mind to consider such a proposition. My personal interest in the matter naturally ceases. But I hate to see as fine a property in risk of being lost without compensation to you, when it would be so easy to arrange it otherwise." He leaned forward, fixing the Colonel with his small dead eyes and raising a long finger. "Let me tell you this, Colonel Peyton, there is an element in that bank that intends to take possession of this property. I refer to Patrick Boyd. He is a shrewd, forceful man. I have been with him and against him, and I know. He has the power and the knowledge. If he doesn't do it one way, he'll do it another." In his later report to Boyd, Bates referred to this casually as "I used your name to scare the old bird."
"I can hardly believe you," faltered the Colonel, impressed in spite of himself. "By what right do you slander Mr. Boyd in this way?"
"Slander!" repeated Bates, contemptuously. "It isn't slander to call any one a good business man. He sees here a good
