Everything that lives has its own natural enemy--and a woman's natural enemy: eet is man!" But Mary could still smile at that.
"Take Mr.MacPherson," she thought; "how is he my natural enemy?
Or Judge Cutler?
Or Archey Forbes?
Or Wally Cabot ?" She felt more normal then, but when these reflections had died away, she still occasionally felt her thoughts reverting to Mac's warning, the cigarette ash, the averted glances in the office.
The nest morning, though, she thought she had found the answer to the latter puzzle.

She had hardly finished breakfast when Judge Cutler was announced, his hawk's eyes frowning and never a trace of his smile.
"Did you get your copy of the annual report ?" he asked.
"Not yet," said Mary, somehow guessing what he meant.

"Why ?" "I got mine in the mail this morning." He drew it from his pocket and his frown grew deeper.

"Let's go in the den," he said; "we've got to talk this out." It was the annual report of Spencer & Son's business and briefly stated, it showed an alarming loss for the preceding twelve months.
"Ah-ha!" thought Mary, "that's the reason they didn't look up yesterday.
They had seen this, and they felt ashamed." "As nearly as I can make it out," said the judge, "there's too many improvements going on, and not enough business.

We must do something to stop these big expenses, and find a way to get more bearings sold--" He checked himself then and looked at Mary, much as Mac had looked the previous day, just before issuing his warning.
"Perhaps he's thinking of Uncle Stanley, too," thought Mary.
"Another bad feature is this," continued the judge, "the bank is getting too strong a hold on the company.