"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 circ.u.mstances. 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 discretion, 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 n.o.body 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 developers looked at each other a moment seriously.

"Hopper 'll fight," Hollowell said at last.

"And we have got the surplus to fight him with," replied Henderson.

"That's so," and Uncle Jerry chuckled to himself. "The rats that are on the inside of the crib are a good deal better off than the rats on the outside."

"The reporter of The Planet wants five minutes," announced the secretary, opening the door. Henderson told him to let him in.

The reporter was a spruce young gentleman, in a loud summer suit, with a rose in his b.u.t.ton-hole, and the air of a.s.surance which befits the commissioner of the public curiosity.

"I am sent by The Planet," said the young man, "to show you this and ask you if you have anything to say to it."

"What is it?" asked Henderson.

"It's about the A. and B."

"Very well. There is the president, Mr. Hollowell. Show it to him."

The reporter produced a long printed slip and handed it to Uncle Jerry, who took it and began to read. As his eye ran down the column he was apparently more and more interested, and he let it be shown on his face that he was surprised, and even a little astonished. When he had finished, he said:

"Well, my young friend, how did you get hold of this?"

"Oh, we have a way," said the reporter, twirling his straw hat by the elastic, and looking more knowing than old Jerry himself.

"So I see," replied Jerry, with an admiring smile; "there is nothing that you newspaper folks don't find out. It beats the devil!"

"Is it true, sir?" said the young gentleman, elated with this recognition of his own shrewdness.

"It is so true that there is no fun in it. I don't see how the devil you got hold of it."

"Have you any explanations?"

"No, I guess not," said Uncle Jerry, musingly. "If it is to come out, I'd rather The Planet would have it than any, other paper. It's got some sense. No; print it. It'll be a big beat for your paper. While you are about it--I s'pose you'll print it anyway?" (the reporter nodded)--"you might as well have the whole story."

"Certainly. We'd like to have it right. What is wrong about it?"

"Oh, nothing but some details. You have got it substantially. There's a word or two and a date you are out on, naturally enough, and there are two or three little things that would be exactly true if they were differently stated."

"Would you mind telling me what they are?"

"No," said Jerry, with a little reluctance; "might as well have it all out--eh, Henderson?"

And the old man took his pencil and changed some dates and a name or two, and gave to some of the sentences a turn that seemed to the reporter only another way of saying the same thing.

"There, that is all I know. Give my respects to Mr. Goss."

When the commissioner had withdrawn, Uncle Jerry gave vent to a long whistle. Then he rose suddenly and called to the secretary, "Tell that reporter to come back." The reporter reappeared.

"I was just thinking, and you can tell Mr. Goss, that now you have got onto this thing, you might as well keep the lead on it. The public is interested in what we are doing in the Southwest, and if you, or some other bright fellow who has got eyes in his head, will go down there, he will see something that will astonish him. I'm going tomorrow in my private car, and if you could go along, I a.s.sure you a good time. I want you to see for yourself, and I guess you would. Don't take my word. I can't give you any pa.s.ses, and I know you don't want any, but you can just get into my private car and no expense to anybody, and see all there is to be seen. Ask Goss, and let me know tonight."

The young fellow went off feeling several inches higher than when he came in. Such is the power of a good address, and such is the omnipotence of the great organ. Mr. Jerry Hollowell sat down and began to fan himself. It was very hot in the office.

"Seems to me it's lunch-time. Great Scott! what a lot of time I used to waste fighting the newspapers! That thing would have played the devil as it stood. It will be comparatively harmless now. It will make a little talk, but there is nothing to get hold of. Queer, about the difference of a word or two. Come, old man, I'm thirsty."

"Uncle Jerry," said Henderson, taking his arm as they went out, "you ought to be President of the United States."

"The salary is too small," said Uncle Jerry.

Of all this there was nothing to write to Margaret, who was pa.s.sing her time agreeably in the Berkshire hills, a little impatient for her husband's arrival, postponed from day to day, and full of sympathy for him, condemned to the hot city and the hara.s.sment of a business the magnitude of which gave him the obligations and the character of a public man. Henderson sent her instead a column from The Planet devoted to a description of his private library. Mr. Goss, the editor, who was college bred, had been round to talk with Henderson about the Southwest trip, and the conversation drifting into other matters, Henderson had taken from his desk and shown him a rare old book which he had picked up the day before in a second-hand shop. This led to further talk about Henderson's hobby, and the editor had asked permission to send a reporter down to make a note of Henderson's collection. It would make a good midsummer item, "The Stock-Broker in Literature," "The Private Tastes of a Millionaire," etc. The column got condensed into a portable paragraph, and went the rounds of the press, and changed the opinions of a good many people about the great operator--he wasn't altogether devoted to vulgar moneymaking. Uncle Jerry himself read the column with appreciation of its value. "It diverts the public mind," he said. He himself had recently diverted the public mind by the gift of a bell to the Norembega Theological (colored) Inst.i.tute, and the paragraph announcing the fact conveyed the impression that while Uncle Jerry was a canny old customer, his heart was on the right side. "There are worse men than Uncle Jerry who are not worth a cent," was one of the humorous paragraphs tacked on to the item.

Margaret was not alone in finding the social atmosphere of Lenox as congenial as its natural beauties. Mrs. Laflamme declared that it was the perfection of existence for a couple of months, one in early summer and another in the golden autumn with its pathetic note of the falling curtain dropping upon the dream of youth. Mrs. Laflamme was not a sentimental person, but she was capable of drifting for a moment into a poetic mood--a great charm in a woman of her vivacity and air of the world. Margaret remembered her very distinctly, although she had only exchanged a word with her at the memorable dinner in New York when Henderson had revealed her feelings to herself. Mrs. Laflamme had the immense advantage--it seemed so to her after five years of widowhood of being a widow on the sunny side of thirty-five. If she had lost some illusions she had gained a great deal of knowledge, and she had no feverish anxiety about what life would bring her. Although she would not put it in this way to herself, she could look about her deliberately, enjoying the prospect, and please herself. Her position had two advantages--experience and opportunity. A young woman unmarried, she said, always has the uneasy sense of the possibility--well, it is impossible to escape slang, and she said it with the merriest laugh--the possibility of being left. A day or two after Margaret's arrival she had driven around to call in her dog-cart, looking as fresh as a daisy in her sunhat. She held the reins, but her seat was shared by Mr. Fox McNaughton, the most useful man in the village, indispensable indeed; a bachelor, with no intentions, no occupation, no ambition (except to lead the german), who could mix a salad, brew a punch, organize a picnic, and chaperon anything in petticoats with entire propriety, without regard to age. And he had a position of social authority. This eminence Mr.

Fox McNaughton had attained by always doing the correct thing. The obligation of society to such men is never enough acknowledged. While they are trusted and used, and worked to death, one is apt to hear them spoken of in a deprecatory tone.

"You hold the reins a moment, please. No, I don't want any help," she said, as she jumped down with an elastic spring, and introduced him to Margaret. "I've got Mr. McNaughton in training, and am thinking of bringing him out."

She walked in with Margaret, chatting about the view and the house and the divine weather.