company, I need not say that any small knowledge I may have of such matters is entirely at your service.”

“Very good of you,” said Joe. “It’s a new idea to me. I don’t think, though, that I quite like it. This is my business now, and I run it. If a company were formed I couldn’t do that. I’d have to do as I was told. Of course I understand I’d have votes according to what stock I held, but it wouldn’t be the same thing.”

“Nominally different only,” Ackerman assured him. “Very properly you would retain a majority of the shares—that is, a controlling interest. Then you’d be made managing director, at a good salary. No doubt that would be the arrangement. So that you would have an assured income, a dividend on your stock, and practical control of the business, as well as the advice of experienced men and consequent freedom from a good deal of worry. If I were in your place—speaking as one who has seen a good many ups and downs in business—I should not hesitate.”

But in spite of this personal clinching argument young Kent did hesitate. And this hesitation so much resembled a plain mulish balk that Mr. Ackerman was a trifle disconcerted. Nevertheless he beamed upon the young man with tolerant good nature.

“Well, well, a new proposition,” said he. “Take time to think it over—take plenty of time. You must see its advantages. New capital brought in would permit the business to expand. It would pay off the debts——”

“Debts!” said young Kent icily. “What debts?”

“Why—ah”—Mr. Ackerman was again slightly disconcerted—“you must be aware of the mortgages existing, Mr. Kent.”

“I am,” said Kent, “but how do you know about them? What business are they of yours?”

“Tut, tut!” said Ackerman reprovingly. “I read a weekly commercial report, like other men. The mortgages are no secret.”

“I beg your pardon,” said Kent. “I shouldn’t have spoken as I did. Fact is, I’m a little touchy on that subject.”

“Needlessly so,” said Ackerman. “Most of my own property is mortgaged, and I don’t consider it a disgrace. I can use the money to better advantage in other ways. Well, as I was saying, the new capital would expand the business, the advice of experienced gentlemen would make things easy for you; and if the property was put in at a good, liberal valuation—as of course it would be—your holding would be worth more than it is 

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