scretion, to hold on and take the chances."

"Which your operations have practically destroyed."

"Not at all, Mr. Hopper. We offer you a much better security on the whole
system instead of a local road."

"And you mean to tell me, Mr. Henderson, that it is for our advantage to
exchange a seven per cent. bond on a road that has always paid its
interest promptly, for a four and a half on a system that is manipulated
nobody knows how? I tell you, gentlemen, that it looks to outsiders as if
there was crookedness somewhere."

"That is a rather rough charge, Mr. Hopper," said Henderson, with a
smile.

"But we are to understand that if we do not accept your terms, it's a
freeze-out?"

"You are to understand that we want to make the best arrangement possible
for all parties in interest."

"How some of those interests were acquired may be a question for the
courts," replied Mr. Hopper, resolutely. "When we put our money in good
seven per cent. bonds, we propose to inquire into the right of anybody to
demand that we shall exchange them for four and a half per cents. on
other security."

"Perfectly right, Mr. Hopper," said Henderson, with imperturbable
good-humor; "the transfer books are open to your inspection."

"Well, we prefer to hold on to our bonds."

"And wait for your interest," interposed Hollowell.

Mr. Hopper turned to the speaker. "And while we are waiting we propose to
inquire what has become of the surplus of the A. and B. The bondholders
had the first claim on the entire property."

"And we propose to protect it. See here, Mr. Hopper," continued Uncle
Jerry, with a most benevolent expression, "I needn't tell you that
investments fluctuate--the Lord knows mine do! The A. and B. was a good
road. I know that. But it was going to be paralleled. We'd got to
parallel it to make our Southwest connections. If we had, you'd have
waited till the Gulf of Mexico freezes over before you got any coupons
paid. Instead of that, we took it into our system, and it's being put on
a permanent basis. It's a little inconvenient for holders, and they have
got to stand a little shrinkage, but in the long-run it will be better
for everybody. The little road couldn't stand alone, and the day of big
interest is about over."

"That explanation may satisfy you, Mr. Hollowell, but it don't give us
our money, and I notify you that we shall carry the matter into the
courts. Good-morning."

When Mr. Hopper had gone, the two devel