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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
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