"My dearest Loudon, how am I to prepare you for this dire intelligence?
O dear me, it will strike you to the earth. The Fiat has gone forth; our
firm went bust at a quarter before twelve. It was a bill of Bradley's
(for $200) that brought these vast operations to a close, and evolved
liabilities of upwards of two hundred and fifty thousand. O, the shame
and pity of it! and you but three weeks gone! Loudon, don't blame your
partner: if human hands and brains could have sufficed, I would have
held the thing together. But it just slowly crumbled; Bradley was the
last kick, but the blamed business just MELTED. I give the liabilities;
it's supposed they're all in; for the cowards were waiting, and the
claims were filed like taking tickets to hear Patti. I don't quite have
the hang of the assets yet, our interests were so extended; but I am at
it day and night, and I guess will make a creditable dividend. If the
wreck pans out only half the way it ought, we'll turn the laugh still. I
am as full of grit and work as ever, and just tower above our troubles.
Mamie is a host in herself. Somehow I feel like it was only me that had
gone bust, and you and she soared clear of it. Hurry up. That's all you
have to do.

"Yours ever,

"J. PINKERTON."

The third was yet more altered:--

"My poor Loudon," it began, "I labour far into the night getting our
affairs in order; you could not believe their vastness and complexity.
Douglas B. Longhurst said humorously that the receiver's work would
be cut out for him. I cannot deny that some of them have a speculative