iness in New York. My gorge rose at
all forms of amusement; but I had a sensation of doing something while
on the cars, and went to Boston, and down to Philadelphia, all the time
feeling the pulse of business. There was a lack of that confident
hopefulness which greeted us on our former visits. I heard the
Fleischmann failure spoken of rather frequently. One or two financial
establishments on this side of the water were looked at askance because
of their supposed connections with the Fleischmanns. Mr. Wade, in hushed
tones, advised me to prepare for some little stringency after the
holidays.

"Nothing serious, you know, Mr. Borlish," said he, still paying his
mnemonic tribute to the other names of our syndicate; "nothing to be
spoken of as hard times; and as for panic, the financial world is too
well organized for _that_ ever to happen again! But a little tightening
of things, Mr. Cornings, to sort of clear the decks for action on lines
of conservatism for the year's business."

I talked with Mr. Smith, Mr. Pendleton's private secretary, and with Mr.
Carson, who spoke for Mr. Halliday. In fact I went over the L. & G. W.
proposition pretty fully with each of them, and each office had a
well-digested and succinct statement of the matter for the examination
of the magnates when they came back. Once while Mr. Carson and I were on
our way to take luncheon together, we met Mr. Smith, and I was glad to
note the glance of marked interest which he bestowed upon us. The
meeting was a piece of unexpected good fortune.

On the 10th I had my audience with Mr. Pendleton. He had the typewritten
statement of the proposition before him, and was ready to discuss it
with his usual incisiveness.

"I am willing to say to you, Mr. Barslow," said he, "that we are willing
to take over your line when the propitious time comes. We don't think
that now is such a time. Why not run along as we are?"

"Because we are not satisfied with the railroad business as a side line,
Mr. Pendleton," said I. "We must have more mileage or none at all, and
if we begin extensions, we shall be drawn into railroading as an
exclusive vocation. We prefer to close out that department, and to put
in all our energies to the development of our city."

"When must you know about this?" he asked.

"I came East to close it up, if possible," I answered. "You are familiar
with the situation, and we thought must be ready to decide."

"Two and a quarter millions," he obj