onds."

"But, Mr. Roebuck," pleaded Walters, "you doubled the bonded indebtedness
of the road just before I took charge."

"The money went into improvements, into increasing your facilities, did it
not?" inquired Roebuck, his paw as soft as a playful tiger's.

"Part of it," said Walters. "But you remember the reorganizing syndicate
got five millions, and then the contracts for the new work had to be given
to construction companies in which directors of the road were silent
partners. Then they are interested in the supply companies from which I
must buy. You know what all that means, Mr. Roebuck."

"No doubt," said Roebuck, still smooth and soft. "But if there was waste,
you should have reported--"

"To whom?" demanded Walters. "Every one of our directors, including
yourself, Mr. Roebuck, is a stock-holder--a large stock-holder--in one or
more of those companies."

"Have you proof of this, Walters?" asked Roebuck, looking profoundly
shocked. "It's a very grave charge--a criminal charge."

"Proof?" said Walters, "You know how that is. The real books of all big
companies are kept in the memories of the directors--and mighty treacherous
memories they are." This with a nervous laugh. "As for the holdings of
directors in construction and supply companies--most of those holdings are
in other names--all of them are disguised where the connection is direct."

Roebuck shook his head sadly. "You admit, then, that you have allowed
millions of the road's money to be wasted, that you made no complaint, no
effort to stop the waste; and your only defense is that you _suspect_
the directors of fraud. And you accuse them to excuse yourself--accuse them
with no proof. Were you in any of those companies, Walters?"

"No," he said, his eyes shifting.

Roebuck's face grew stern. "You bought two hundred thousand dollars of the
last issue of government bonds, they tell me, with your two years' profits
from the Western Railway Construction Company."

"I bought no bonds," blustered Walters. "What money I have I made out of
speculating in the stock of my road--on legitimate inside information."

"Your uncle in Wilkesbarre, I meant," pursued Roebuck.

Walters reddened, looked straight at Roebuck without speaking.

"Do you still deny?" demanded Roebuck.

"I saw everybody--_everybody_--grafting," said Walters boldly, "and
I thought I might as well take my share. It's part of the business." Then
he added cynically: "That's the way it i