etary of Horse's Neck, of Holy Jo, of Cowhide Number Five, or as
vice-president of Hooligan Gulch and Red Water, treasurer of Amphalula
or president of Blimp Consolidated?"

Just now it was, of course, obvious that he was addressing the company
in his capacity of secretary of Horse's Neck.

"It goes without saying, gentlemen, that this property is pretty nearly
down and out. You will recall that most of the insiders sold out on the
tail of the Goldfield Boom and waited for the market to sag until we
could buy in again. The mines are full of water, work was abandoned over
four years ago, and the property is practically defunct. The original
capitalization was ten million shares at one dollar a share. We own or
control at least four million shares, for which we paid ten to fifteen
cents, while we had sold our original holdings for one dollar sixty to
one dollar ninety-five a share. While Horse's Neck represents a handsome
profit--in my opinion"--he cleared his throat again as if deprecating
the vulgarity of his phrase--"it is good for another whirl."

"You say it's full of water?" inquired Hunn.

"It will cost about fifty thousand dollars to pump out the mines and a
hundred thousand to repair the machinery. Then there's quite an
indebtedness--about seventy-five thousand; and tax liens--another fifty.
Half a million dollars would put Horse's Neck on the map, and if the
Amphalula vein crosses the property it will be worth ten millions. If it
doesn't, the chance that it is going to will make a market for the
stock."

Mr. Elderberry swept with a bland inquiring eye the shore of the glassy
sea about which his associates were gathered.

"I've been over the ground," announced Greenbaum "and it's a good
gamble. We want Horse's Neck for ourselves--at any rate until we are
confident that it's a real lemon. Half a million will do it. I'll
personally put up a hundred thousand."

"How are you going to get rid of the fifty thousand other stockholders?"
asked Mr. Beck dubiously "We don't want them trailing along with us."

"I propose," answered Mr. Elderberry brightly, in his capacity as chief
conspirator for Scherer, Hunn, _et al._, "that we organize a new
corporation to be called 'Lallapaloosa Limited' and capitalize it at a
million dollars--one million shares at a dollar a share. Then we will
execute a contract between Horse's Neck and Lallapaloosa by the terms of
which the old bankrupt corporation will sell to the new corpor