sit from Mr. Andrew Harris. The caller asked that his
card be taken to Mr. Covington, and as it bore a pencilled memorandum
that his business was important and confidential, he was ushered into
the private office of the acting head of the Companies. Mr. Harris
seemed deeply interested in studying the appearance of the man he had
come to see--so much interest, in fact, that Covington resented his
scrutiny and inquired the nature of his business.

"Excuse me," Harris said, quickly; "I came to talk over the proposed
merger of the New York street railways."

"Then you doubtless wish to see Mr. Gorham," Covington replied. "That is
a matter which is wholly in his hands. He is at present in Washington,
but will be here within a week."

"Are you not at least partially familiar with the details?" Harris
inquired, apparently unmoved by the news of Mr. Gorham's absence.

"I could scarcely say that I am unfamiliar with them," Covington
admitted; "but the idea of the merger was Mr. Gorham's, and he is
naturally in closer touch."

"Do you object to talking things over with me a little?" Harris asked.
"There may be some points that I know more about than Mr. Gorham."

Covington nodded acquiescence, though somewhat in the dark as to the
object his visitor had in mind.

"In the first place," Harris began, adjusting himself in his chair, "let
me say that I am a director in the New York Street Railways Company,
which is the largest of the present organizations which are eventually
to be consolidated into the Manhattan Traction Company. The franchise,
as you doubtless know, has already been put through the Board of
Aldermen, and the only question now remaining is whether it is to be
turned over to certain gentlemen in New York who originally planned to
complete the deal, or to the Consolidated Companies."

"Mr. Gorham has, I believe, advanced to those interested very logical
arguments to show that the Consolidated Companies could engineer the
amalgamation to the distinct advantage of the various roads," Covington
suggested, as his visitor paused for a moment.

"He has," Harris admitted. "There is no doubt in anybody's mind that
what he says is right; the roads and the stockholders would be
distinctly benefited--but how about the directors? That is the question
I came here to have answered."

"It is a question which Mr. Gorham must answer."

Harris subjected him to another careful scrutiny. "Perhaps so," he said,
at length, "bu