BARRETT believed that he understood the reason for his sequestration there in Eagle Rock cow camp. It was only a part of Nearing's plan to humiliate and discourage him, isolate him, cut him off by reason of his duties and subordinate position from any chance of coming at the facts upon which the disastrous conduct of the business rested. Nearing's attitude plainly told him that, if he didn't like what they had given him, the road was open to him to return whence he came.
In their long talk the night of Barrett's arrival at: the ranch, Nearing had covered the ground pretty thoroughly as far as his way of explanation went. All lines led back to the main point of the beginning: that he, Nearing, was the one and only man who could save the company from complete wreckage and the loss of all involved. He had even taken up the question of a receivership, opening on that theme when it lay just under the surface of Barrett's mind, with almost disconcerting penetration.
Receiverships in the cattle business were even more expensive and destructive than elsewhere, Nearing had said. Certain stockholders lately had threatened such proceedings. He had thrown his cards before them and told them to plunge into it if they thought they could save their money that way. Put the Elk Moun-
