ly a little flurry," replied Henderson, laying down his pen and
folding a note he had just finished; "they'll come to reason."

"They've got to." Mr. Hollowell drew out a big bandanna and mopped his
heated face. "I've just got a letter from Jorkins. There's the
certificates that make up the two-thirds-more than we need, anyway. No
flaw about that, is there?"

"No. I'll put these with the balance in the safe. It's all right, if
Jorkins has been discreet. It may make a newspaper scandal if they get
hold of his operations."

"Oh, Jorkins is close. But he is a little overworked. I don't know but it
would do him good to have a little nervous prostration and go abroad for
a while."

"I guess it would do Jorkins good to take a turn in Europe for a year or
so."

"Well, you write to him. Give him a sort of commission to see the English
bondholders, and explain the situation. They will appreciate that half a
loaf is better than no bread. What bothers me is the way the American
bondholders take it. They kick."

"Let 'em kick. The public don't care for a few soreheads and
impracticables in an operation that is going to open up the whole
Southwest. I've an appointment with one of them this morning. He ought to
be here now."

At the moment Henderson's private secretary entered and laid on the table
the card of Mr. John Hopper, who was invited to come in at once. Mr.
Hopper was a man of fifty, with iron-gray hair, a heavy mustache, and a
smooth-shaven chin that showed resolution. In dress and manner his
appearance was that of the shrewd city capitalist--quiet and determined,
who is neither to be deceived nor bullied. With a courteous greeting to
both the men, whom he knew well, he took a seat and stated his business.

"I have called to see you, Mr. Henderson, about the bonds of the A. and
B., and I am glad to find Mr. Hollowell here also."

"What amount do you represent, Mr. Hopper?" asked Henderson.

"With my own and my friends', altogether, rising a million. What do you
propose?"

"You got our circular?"

"Yes, and we don't accept the terms."

"I'm sorry. It is the best that we could do."

"That is, the best you would do!"

"Pardon me, Mr. Hopper, the best we could do under the circumstances. We
gave you your option, to scale down on a fair estimate of the earnings of
the short line (the A. and B.), or to surrender your local bonds and take
new ones covering the whole consolidation, or, as is of course in your
di