ought to be. What do you know of your father’s affairs, anyway?”

“Almost nothing,” young Kent admitted. “Say I don’t know anything, and it will be about right. This letter hints at debts—mortgages and things, I suppose.”

“Mortgages and things!” repeated the lawyer. “Lord, what an unsophisticated young blood you are! I should say there were. Now here it is, as your father explained it to me.”

Kent tried to follow the lawyer’s practised analysis, but did not altogether succeed. Three things emerged clearly. The mills, plant, and real estate were heavily mortgaged. There was an indebtedness to the Commercial Bank on notes made by William Kent and endorsed by Crooks. And there was a further indebtedness to them on Kent’s notes alone, secured by a collateral mortgage on certain timber lands.

“Now, you see,” Locke concluded, “setting the assets against the liabilities you are solvent to the extent of sixty or seventy thousand dollars, or perhaps more. In all probability you could get that clear if you sold out. Properly managed for you by somebody else, it would yield an income of between three and four thousand dollars per annum. On that you could live comfortably, be free from worry, and die of dry-rot and Scotch highballs at about my age.”

“I’m going to run the business,” said Joe. “My father wished it; and anyway I’m going to.”

Locke smoked thoughtfully for some moments. “That’s good talk,” he said at length. “I understand your feelings. But before you come to a definite conclusion take time to look at all sides of the question. The cold fact is that you have had no experience. The business is solvent, but too involved to give you much leeway. It is an expensive one to run, and you can’t afford to make many mistakes. For seven months in the year your payroll and camp supply bill will run into five figures. Your father intended to make a big cut next winter and clear off some of the debt. Suppose you try that yourself. It means a big outlay. Can you swing it? Remember, you haven’t got much rope; and if you fail and smash it won’t be a case of living on three or four thousand a year, but of earning five or six hundred a year to live on.”

“I hadn’t thought of it in just that way,” said Kent. “You see it’s all new to me. But I’m going into it, sink or swim. My mind’s made up.”

“I thought it would be,” said Locke with satisfaction. “If I were you I’d take Wright into my confidence 

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