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"Half a million each, or more." Carrigan's brows rose contemptuously. "Is that all?" he exclaimed. "Why, from the way you talked, I thought they were real financiers! And they're only piffling tin-horns, after all. What d'you know about that, Lee?" Pat turned to the engineer with an amazed air. Gretzinger's anger surged up anew. "You never saw half a million in your life," he sneered.

It was evening time in the wonderland of the north, a wonderland hard and frozen and ridden by pain and death in winter, but a paradise upon earth in this month of June. The beauty of it filled Carrigan's soul, even as he lay on his back in the damp sand.

For an interval the voices continued, frequently so low that he could not distinguish them at all. For ten minutes he waited impatiently. Then the door swung open, and St. Pierre came in. Slowly and coolly David rose to meet him, and at the same moment the chief of the Boulains closed the door behind him. There was no greeting in Carrigan's manner.

He took Carrigan's suggestion, however, and went down through the bitter cold to see the banker. But the visit was fruitless. The bank could not make the loan, and money being tight because of first of the year settlements, McDonnell was not in shape to make it personally, nor would be in time to render any assistance.

A smile came to Carrigan's lips as he saw Bateese hesitating to drop the handkerchief, and with the swiftness of the trained fighter he made his first plan for the battle before the cloth fell from the half-breed's fingers, As the handkerchief fluttered to the ground, he faced St. Pierre, the smile gone. "Never smile when you fight," the greatest of all masters of the ring had told him.

For many minutes David stood at the bateau window and watched the canoe that carried St. Pierre Boulain and the Broken Man back to the raft. It moved slowly, as if St. Pierre was loitering with a purpose and was thinking deeply of what had passed. Carrigan's fingers tightened, and his face grew tense, as he gazed out into the glow of the western sun.

Pierre's eyes widened, and for a breath or two he stared at Carrigan, as if looking into him and not at him. His big hands relaxed, and slowly the panther-like readiness went out of his body. Those who looked beheld the transformation in amazement, for of all who waited only St. Pierre and the half-breed had heard Carrigan's words, though they had seen and heard the blow of insult.

Some oversight, some carelessness, some mistake on the part of himself or another; and if not a dead man, then one-armed for the rest of his days. He, Bryant, could not consider these accidents with Pat Carrigan's philosophic calm a calm acquired from decades of camp tragedies and disasters. They harrowed his spirit.

Ned entered into the regulating scheme heartily. Other stalwart specimens of physical manhood in our battalion were Sergeant Goody, Ned Johnson, Tom Larkin, and others, who, while not approaching Carrigan's perfect manhood, were still more than a match for the best of the Raiders. Key proceeded with the greatest secrecy in the organization of his forces.

At least, so they had judged Carmin Fanchet along with her brother. And Boulain His hand, in dropping to his side, fell upon the butt of his pistol. Neither Bateese nor the girl had thought of disarming him. It was careless of them, unless Bateese was keeping a good eye on him from behind. A new sort of thrill crept into Carrigan's blood.