s nowadays. The lower ones see
the higher ones raking off, and they rake off, too--down to conductors
and brakemen. We caught some trackwalkers in a conspiracy to dispose
of the discarded ties and rails the other day." He laughed. "We jailed
_them_."

"If you can show that any director has taken anything that did not belong
to him, if you can show that a single contract you let to a construction or
a supply company--except, of course, the contracts you let to yourself--of
them I know nothing, suspect much--if you can show one instance of these
criminal doings, Mr. Walters, I shall back you up with all my power in
prosecution."

"Of course I can't show it," cried Walters. "If I tried, wouldn't they ruin
and disgrace me, perhaps send me to the penitentiary? Wasn't I the one that
passed on and signed their contracts? And wouldn't they--wouldn't you, Mr.
Roebuck--have fired me if I had refused to sign?"

"Excuses, excuses, Walters," was Roebuck's answer, with a sad, disappointed
look, as if he had hoped Walters would make a brighter showing for himself.
"How many times have you yourself talked to me of this eternal excuse habit
of men who fail? And if I expended my limited brain-power in looking into
all the excuses and explanations, what energy or time would I have for
constructive work? All I can do is to select a man for a position and to
judge him by results. You were put in charge to produce dividends. You
haven't produced them. I'm sorry, and I venture to hope that things are not
so bad as you make out in your eagerness to excuse yourself. For the sake
of old times, Tom, I ignore your angry insinuations against me. I try to be
just, and to be just one must always be impersonal."

"Well," said Walters with an air of desperation, "give me another year, Mr.
Roebuck, and I'll produce results all right. I'll break the agreements and
cut rates. I'll freeze out the branch roads and our minority stock-holders,
I'll keep the books so that all the expert accountants in New York couldn't
untangle them. I'll wink at and commit and order committed all the
necessary crimes. I don't know why I've been so squeamish, when there were
so many penitentiary offenses that I did consent to, and, for that matter,
commit, without a quiver. I thought I ought to draw the line somewhere--and
I drew it at keeping my personal word and at keeping the books reasonably
straight. But I'll go the limit."

I'll never forget Roebuck's expression; it