ating oaths at the coldness of the
water. Still shivering, he hurried into his clothes, and, having pushed
the button of the electric bell to announce that he was ready for
breakfast, immediately plunged into the business of the day. While he
was thus occupied, the butcher's cart from Bonneville drove into
the yard with the day's supply of meat. This cart also brought the
Bonneville paper and the mail of the previous night. In the bundle of
correspondence that the butcher handed to Annixter that morning, was a
telegram from Osterman, at that time on his second trip to Los Angeles.
It read:

"Flotation of company in this district assured. Have secured services of
desirable party. Am now in position to sell you your share stock, as per
original plan."

Annixter grunted as he tore the despatch into strips. "Well," he
muttered, "that part is settled, then."

He made a little pile of the torn strips on the top of the unlighted
stove, and burned them carefully, scowling down into the flicker of
fire, thoughtful and preoccupied.

He knew very well what Osterman referred to by "Flotation of company,"
and also who was the "desirable party" he spoke of.

Under protest, as he was particular to declare, and after interminable
argument, Annixter had allowed himself to be reconciled with Osterman,
and to be persuaded to reenter the proposed political "deal." A
committee had been formed to finance the affair--Osterman, old
Broderson, Annixter himself, and, with reservations, hardly more than
a looker-on, Harran Derrick. Of this committee, Osterman was considered
chairman. Magnus Derrick had formally and definitely refused his
adherence to the scheme. He was trying to steer a middle course. His
position was difficult, anomalous. If freight rates were cut through the
efforts of the members of the committee, he could not very well avoid
taking advantage of the new schedule. He would be the gainer, though
sharing neither the risk nor the expense. But, meanwhile, the days were
passing; the primary elections were drawing nearer. The committee could
not afford to wait, and by way of a beginning, Osterman had gone to Los
Angeles, fortified by a large sum of money--a purse to which Annixter,
Broderson and himself had contributed. He had put himself in touch with
Disbrow, the political man of the Denver, Pueblo and Mojave road, and
had had two interviews with him. The telegram that Annixter received
that morning was to say that Disbro