LITMIR.BIZ

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promise is ever kept on the Pioneer Short Line," growled the big magnate. And then, with a beautiful disregard for the mixed figures of speech: "Once in a blue moon the chapter of accidents hits the bull's-eye whack in the middle, Graham. When Hardshaw wired me from Portland, I knew you couldn't reach Portal City before this morning, at the very earliest. That was going to cut my time pretty short, with the big gun due to be fired to-morrow morning, and you cut it still shorter by losing twelve hours somewhere along the road – they told me in the despatcher's office that your train was behind a wreck somewhere up in Oregon. But it has turned out all right, in spite of everything. You're here, and we've got the night before us."

      Again Mr. Norcross said something about beginning at the beginning. "Just remember that I am entirely in the dark," he went on. "I didn't see Hardshaw at all before leaving Portland; he merely forwarded your wire, asking me to stop over in Portal City, to me on the train – and it was handed to me just before dinner this evening. Of course, that was enough – from anybody who has been as good a friend to me as you have."

      "We'll see presently just how far that friendship rope is going to reach," returned the wheat king, and though my back was turned to them, I could easily imagine the quizzical twinkle of the shrewd old eyes that went with it. Then I suppose he nodded toward me, for the boss said:

      "Oh, Jimmie's all right; he knew what I had for dinner this evening, and he'll know what I'm going to have for breakfast to-morrow morning."

      With the bridle off, the big man went ahead abruptly, cutting out all the frills.

      "You finished your building contract on the Oregon Midland, Graham, and after the road was opened for business you refused an offer of the general managership. Would you mind telling me why you did that?"

      "Not in the least. I'm rather burnt out on trying to operate American railroads; at any rate, when it comes to trying to operate one of them for a legitimate profit. There is nothing in it. An operating head is now nothing more than a score-keeper for a national gambling game. The boss gamblers around the railroad post in the Stock Exchange tell him what he has to do and where he has to get off. Stock gambling, under whatever name it masquerades – boosting values, buying and selling margins, reorganizations, with their huge rake-offs for the underwriters – is the incubus which is crushing the life out of the nation's industries, especially in the railroad field. It makes me wish I'd never seen a railroad track."

      "Yet it is your trade, isn't it?" asked the wheat king.

      "It is; but luckily I can build railroads as well as operate them; and there are other countries besides the United States of America. I'm on my way home to Illinois for a little visit with my mother and sisters; and after that I think I shall close with an offer I've had from one of the Canadian companies."

      "Good boy!" chuckled the Chicago magnate. "In due time we might hope to be reading your name in the newspapers – 'Sir Graham Norcross, D.S.O.,' or something of that sort." Then, with a sharp return to the sort of gritting seriousness: "You've been riding over the Pioneer Short Line since early this morning, Graham: what do you think of it?"

      I couldn't see the boss's smile, but I could figure it pretty well when he said: "There may be worse managed, worse neglected pieces of railroad track in some of the great transcontinental lines, but if there are I haven't happened to notice them. I suppose it is capitalized to death, like many of the others."

      "Fictitious values doubtless have something to do with it at the present stage of the game," Mr. Chadwick admitted. "The Pioneer Short Line is 'under suspicion' on the books of the commissions, both State and Interstate, as a heavily 'watered' corporation – which it is. Do you know the history of the road?"

      When I got up to get a match, Mr. Norcross was shaking his head and saying: "Not categorically; no."

      "Then I'll brief it for you," said the big man in the stuffed wicker chair. "It has always been a good earning property, being largely, even yet, without much local competition. But from the day it was completed its securities have figured in the market only for their speculative values. The property itself has never been considered, save as a means to an end; the end being to enable one bunch of the Wall Street gamesters you speak of to make a 'killing' and unload on another bunch."

      "The old story," said Mr. Norcross.

      "We are bumping over the net result, right now," Mr. Chadwick went on. "The property is bled white; there is no money for betterments; we are tied hand and foot by all sorts of legal restrictions and regulations; and, worse than all, the people we are supposed to serve hate us until you can smell it and taste it in every town and hamlet on the right-of-way."

      "So I have heard," put in the boss, calmly.

      "That brings us down to the nib of the matter. Pioneer Short Line is practically in the last ditch. The stock has slumped to forty and worse; Shaffer, the general manager and the only able man we have had for years, has resigned in disgust; and if something isn't done to-morrow morning in Portal City, I know of at least one minority stockholder who is going to throw the whole mess into the courts and try for a receivership."

      Mr. Norcross looked up quickly.

      "Are you the minority stockholder, Uncle John?" he asked, letting himself use the name by which Mr. Chadwick was best known in the wheat pit.

      "I am – more's the pity. I had a little lapse of sanity one fine morning a few years ago and bought in for an investment. I've done everything I could think of, Graham, to persuade Breck Dunton and his Wall Street accomplices to spend just one dollar in ten of their reorganization and recapitalization stealings on the road itself, but it's no good. All they want is to get one more rise out of the securities, so they can unload."

      "Is there to be a stockholders' meeting in Portal City to-morrow morning?"

      "No; a directors' meeting. Dunton has been making an inspection trip over the system with a dozen or so of his New York cronies. It's a junketing excursion, pure and simple, but while they're here they'll get together and go through the form of picking out a new general manager. I'm on the board and they had to send me notice, though it's an even bet they hoped I'd stay away. In fact, I think they scheduled the meeting out here on the chance that the distance from Chicago would keep me from attending it."

      All this talk had taken up a good bit of time, and just as Mr. Chadwick said that about the "even bet," our engineer was whistling for Portal City. From where I was sitting I could see the electric lights dotting the wide valley between the two gateway buttes from which the city gets its name. Mr. Norcross was looking at the lights, too, when he said:

      "Are you really going to spring the receivership on the Dunton people to-morrow?"

      "I'm going to give Dunton his chance. He can appoint the man I want appointed as general manager, with full power to act, and ratify a little plan I've got up my sleeve for providing a bit of working capital for the road, or – he can turn me down."

      "And if he does turn you down?"

      "Then, by George, I'll see if I can't persuade the courts to put the property into bankruptcy and install my man as receiver!"

      "I don't envy your man his job, either way around; not the least little morsel in the world," said the boss, quietly. And then: "Who is he, Uncle John?"

      The wheat king gave a great laugh.

      "Don't tell me you haven't guessed it," he chuckled. "You're the man, Graham."

      But now Mr. Norcross had something to say for himself, sitting up straight and shaking his head sort of sorrowfully at the big man in the padded chair.

      "No you don't, my good old friend; not in a thousand years! You'd lose out in the end, and I'd lose out; and besides, I'm not quite ready to commit suicide." And then to me: "Jimmie, suppose you go and tap on the door and tell the ladies we're pulling into Portal City."

      IV

      The Tipping of the Scale

      After all, it wasn't so very late in the night when our special pulled up to the Portal City station platform and I turned myself into a messenger-boy escort for the lady and the little girl whose muff had been responsible for so many different flip-flaps in the short space of a few

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