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306 pay the difference between the selling price of the stock and the amount he had borrowed."

"Ah, I'm beginning to see where you are, Peter. This is beautiful. So your friend. Sir Phillip Sanderson, took the twenty-six thousand pounds, and put up that amount of houses on his side of the estate?"

"Yes, and not only that, but borrowed sixteen thousand pounds on the completed houses, and threw that into bricks and mortar."

"I see. That brings the situation up to this. Both you and Sanderson are tied up, as one might say, in empty houses. You have to furnish forth seven thousand five hundred pounds in interest, and Sanderson two thousand one hundred pounds, or thereabouts, and the stock of your railway is hypothecated on terms that if it drops a point or two, Sir Phillip Sanderson, who now possesses no ready money, will be called upon by the loan company to cover his margin. If he can't do it, the stock is sold, and whoever buys that stock, obtains control of his railway. Well, Peter, I had always looked on you as a young fellow of common sense. How do you square it with your business conscience that you allowed yourself to be wound up in a ball of twine like that?"

"Why, you see, Stranleigh, there was always my wife's money. She was the one who took an interest in Sir Phillip. She is fond of him. He is a fine, courtly gentleman of the old school, you