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UT for all the new fervor of faith mani fested by the working organization, it was a sore and savage board of directors of the Judson-Morris Motor Works that met to receive the final report on the disastrous Nemo operation—an operation that showed for the year, instead of the usual fat and juicy earnings, a net loss of $1,200,000.

"The funeral will please come to order," announced President Judson with grim facetiousness, and began the disagreeable duty of a formal reporting, but there was not much humility in his manner. He acknowledged full responsibility for the loss, but trumpeted also full faith in his ability to recoup. To fill the depleted treasury and provide funds for the new operation he proposed coolly an issue of bonds to the extent of three million dollars, secured by a second mortgage on the plant.

"In this market—seconds? You can't place 'em," growled Peattie.

"At seven per cent? I can place them inside of a week," insisted George Judson with haughty assurance.

But when he went down-town and set to work