He had made it under the assumption that the firm was thinking of underwriting its bonds.

He had been mistaken.

As owners Honaton & Benson had already acquired the majority of interest in it.

His report,--she remembered his report, for he had told her about it the first day he came to see her,--had been favorable except for one important fact.

There was in that district a car shortage which for at least a year would hamper the marketing of the supply.