in Europe for a year or
so."

"Well, you write to him. Give him a sort of commission to see the
English bondholders, and explain the situation. They will appreciate
that half a loaf is better than no bread. What bothers me is the way the
American bondholders take it. They kick."

"Let 'em kick. The public don't care for a few soreheads and
impracticables in an operation that is going to open up the whole
Southwest. I've an appointment with one of them this morning. He ought
to be here now."

At the moment Henderson's private secretary entered and laid on the
table the card of Mr. John Hopper, who was invited to come in at once.
Mr. Hopper was a man of fifty, with iron-gray hair, a heavy mustache,
and a smooth-shaven chin that showed resolution. In dress and manner his
appearance was that of the shrewd city capitalist--quiet and determined,
who is neither to be deceived nor bullied. With a courteous greeting to
both the men, whom he knew well, he took a seat and stated his business.

"I have called to see you, Mr. Henderson, about the bonds of the A. and
B., and I am glad to find Mr. Hollowell here also."

"What amount do you represent, Mr. Hopper?" asked Henderson.

"With my own and my friends', altogether, rising a million. What do you
propose?"

"You got our circular?"

"Yes, and we don't accept the terms."

"I'm sorry. It is the best that we could do."

"That is, the best you would do!"

"Pardon me, Mr. Hopper, the best we could do under the circumstances. We
gave you your option, to scale down on a fair estimate of the earnings
of the short line (the A. and B.), or to surrender your local bonds and
take new ones covering the whole consolidation, or, as is of course in
your discretion, to hold on and take the chances."

"Which your operations have practically destroyed."

"Not at all, Mr. Hopper. We offer you a much better security on the
whole system instead of a local road."

"And you mean to tell me, Mr. Henderson, that it is for our advantage
to exchange a seven per cent. bond on a road that has always paid its
interest promptly, for a four and a half on a system that is manipulated
nobody knows how? I tell you, gentlemen, that it looks to outsiders as
if there was crookedness somewhere."

"That is a rather rough charge, Mr. Hopper," said Henderson, with a
smile.

"But we are to understand that if we do not accept your terms, it's a
freeze-out?"

"You are to understand that we want to make