rett felt the wind dying out of his sails with every word, leaving the craft of his brave intentions, which had begun to sail with graceful headway, as he believed, entirely becalmed. "I'm certain you could tell me more in ten minutes than I could grub out of the books in ten hours. I'm not much of a hand at accounts."
"It's possible that I could, but I want my word verified. You'd be helping yourself and me at the one operation. But we'll come to that later. What you're anxious to have explained to you is the failure of the company, and its organizer and president, to live up to their obligations to the stockholders."
Nearing was not humble, in the manner of a man who had failed through a weakness of his own, nor whining, as one defeated who seeks to mitigate his downfall. He had made mistakes, he had erred in judgment; this he frankly admitted. Circumstances which he should have taken into account for more than the threat of their development years ago seemed to warrant, had combined against the enterprise and held it back, he said. But he said it like a man who had nothing to cover up or fear, stripping Barrett of his offensive armament before he had more than opened the door.
"You understand, Ed, that profits in the cattle business are slow in coming, for one thing. Take a herd of twenty-seven thousand head, such as we started with, and it'll not pay interest on the investment, except in a cumulative way, for nearly three years. The increase of the first year isn't ready for market before then. We started out with a hard winter that took a heavy toll of calves and weaklings, only to run into
