Chapter 4

"I don't deny the difficulties," said Ford. "But they wouldn't seem to be insuperable."

"Not from your point of view," rejoined the banker suavely. "But you will admit that they are very considerable. The opposition on the part of the competing systems would be something tremendous. No stone would be left unturned in the effort to dismount us. To go no further into the matter than the proposed purchase of the majority stocks in the three short roads: at the first signal in that field you would find those stocks flying skyward in ten-point advances, and your five millions wouldn't be a drop in the bucket. In view of the difficulties, I think I voice the conviction of the board when I say that the plan is too hazardous."

The nods of assent were too numerous to leave Ford any hope of turning the tide in his favor. He rose, gathered up his papers, and reached for his hat.

"It is very pointedly your own funeral, gentlemen," he said curtly. "'Nothing venture, nothing have' is an old proverb, but it is as true now as it was when it was coined. With P. S-W. stock at thirty-eight and steadily declining; with another dividend about to be passed; and with the certainty that the July interest on the bonds will have to be defaulted unless some compromise can be effected with the bondholders--"

"What's that you're saying?" broke in Mackie, whose P. S-W. holdings were large.

Ford drew a folded paper from his pocket and laid it on the table.

"I was merely quoting from the auditor's semiannual report, of which that is a summary," he said, indicating the folded paper. "The report itself will doubtless reach you in a day or two. It would seem to an unprejudiced observer that the present condition spells something like a receivership, unless you have the bondholders with you."

"One moment, Mr. Ford," interposed the banker member; but Ford was working up to his climax and refused to be side-tracked.

"Of course, as an officer of the company, I have felt in duty bound to bring my grist first to the company's mill. But if you gentlemen don't wish to grind it, it will be ground, notwithstanding. I could very easily have found a market for my proposal without coming to New York."

With which parting shot, and a word of apology for having taken the time of the board to no good purpose, he bowed himself out, closing the door upon a second attempt on the part of the banker member to renew the argument.

VI

THE AWAKENING OF CHARLES EDWARD

Ford went directly to his hotel from the meeting in the Broad Street board room, paid his bill, and had himself shot up to the fifth floor to prepare for a swift retreat from the scene of his humiliating defeat. It was hardly in keeping with his boast of persistence that he should suffer himself to be thus routed by a single reverse, however crushing. But in a world where every problem contains its human factor, red wrath accounts for much that is otherwise unaccountable.

Ford was thoroughly and unreasoningly angry and disgusted when he began to fling his belongings into the small steamer trunk, and it was only natural that he should turn with a little brow-wrinkling of resentment when, a little later, Mr. Charles Edward Adair, following his card up to the fifth floor front, lounged good-naturedly into the room.

"Beg pardon, I'm sure," said the intruder easily. "Didn't know you were busy. I thought maybe you'd like to know the effect of your little double-headed bombshell, and I couldn't be sure Uncle Sidney would take the trouble to tell you."

Ford made no effort to conceal his contempt for the financial gods.

"I don't imagine it will take you very long to tell it," he retorted. "Nothing short of a combined earthquake and volcanic eruption would have any effect upon that crowd."

"Oh, but you're wrong!" protested Adair. "That shot of yours with the semiannual summary for a projectile stirred 'em up good. It seems that Uncle Sidney and Hertford and Morelock--they're the executive committee, you know--have had the auditor's figures for some days, but they hadn't thought it necessary to harrow the feelings of the other members of the board with the cataclysmic details. So there was a jolly row. Magnus wanted to know, top-loftily, why a small official from the farther end of the system should be the first to bring the news; and Mackie was so wrathy that he inadvertently put the hot end of his cigar in his mouth. Even Connolly woke up enough to say that it was blanked bad politics."

"But nothing came of it?" said Ford, hope rising in spite of the negative query.

"No; nothing but a general hand-out of pretty sharp talk. What was needed right then was a unifier--somebody who could take command and coax or bully the scrapping factions into line. Magnus tried it, but he's too smooth. Brewster was the man, but he has too many other and bigger irons in the fire to care much about P. S-W. Connolly could have done it if the scrap had been a political split, but he was out of his element."

"Humph!" growled Ford. "It didn't occur to me that there were any differences of opinion to be reconciled. The entire board sat on my proposition--as a unit."

Adair laughed with imperturbable good-humor.

"The factions were there, just the same. You see, it's like this: Brewster and Magnus and two or three more are pretty well-to-do, and their holdings in P. S-W. don't cut much of a figure with them, one way or another. The others have more stock in the company, and fewer millions. When the jangle came, Brewster and the heavy men said, 'Oh, let it go; it isn't worth bothering with.' Naturally, the little fellows, with more to lose and less money-nerve, said, 'No.'"

"It spells the same word for me, in any event," Ford commented, and went on pitching things into his steamer trunk.

Adair got upon his feet and strolled away to the window.

When he turned again to face the beaten one he said:

"If I wasn't so infernally lazy, Mr. Ford, I more than half believe that I could pull this thing off for you, myself. But that is the curse of being born with too much money. I can take a plunge into business now and then--I've done it. But my best friend couldn't bet on me two days in succession."

Ford looked up quickly.

"Then don't put your hand to this plow, Mr. Adair. I'll be frank with you. I can fit the mechanical parts of this scheme of mine together, so that they will run true and do business. But I, or any man in my place, would have to have solid backing here in New York; a board that would be as aggressive as a handful of rebels fighting for life, and every man of it determined to win out or smash something. Mr. Magnus spoke of the opposition we should encounter from our competitors. He might have said more. What the Transcontinental, for example, wouldn't do to obliterate us needn't be catalogued. How do you suppose the present P. S-W. board would fare in such a fight?"

The youngest member of the flouted board laughed again.

"You mustn't say in your wrath that all men are liars--or cowards. There is plenty of fight in our crowd; and plenty of money, too, if you could only get it sufficiently scared."

"I've done my best," said Ford, slamming the lid of the trunk and buckling the straps vigorously. "The next time I'll find my market first and build my scheme afterward."

"Well, if I can say it without offense, I'm honestly sorry for you, Mr. Ford; you've been butchered to make a Broad Street holiday," said Adair, lounging toward the door. "You are going back to the West, I suppose?"

"Yes."

"What line?"

"Pennsylvania; five-ten this afternoon."

"That is a long time between drinks. Suppose you come up to the club and have luncheon with me?"

Ford hesitated, watch in hand.

"I was about to lie to you, Mr. Adair, and plead business; but I shan't. I'll tell you the plain truth. I'm too sore just now to be any good fellow's good company."

"Which is precisely the reason why I asked you," laughed the golden youth. "Come on; let's go now. You can take it out on me as much as you like, you know. I shan't mind."

But the club luncheon ignored the business affair completely, as Adair intended it should. Ford came out of the shell of disappointment with the salad course, and by way of reparation for his former attitude talked rather more freely of himself than he was wont to do on such short acquaintance with any one. The young millionaire met him quite half-way on this road to a better understanding, contrasting with mild envy Ford's well-filled, busy life with his own erratic efforts at time-killing.

"You make me half sorry for myself," he said, when they went to the smoking-room to light their cigars. "It's no less than a piteous misfortune when a fellow's father has beaten all the covers of accomplishment for him."

Ford could laugh now without being bitter.

"The game isn't all corralled, even for you, Mr. Adair. There was excellent good shooting for you in that directors' meeting this morning, but you wouldn't take the trouble."

"That's the fact," was the easy-going rejoinder. "That is just what my sister is always telling me--that I won't take the trouble. And yet I do take the trouble to begin a lot of things; only they never seem worth while after a few days' dip into them."

"Pick out bigger ones," suggested Ford. "My trouble is just the other way about; I am always tackling things that are worlds too big for me--just as I have this time."

"It isn't too big for you, Mr. Ford. It was too big for Colbrith, Magnus, _et al_. And, besides, you're not going to give it up. You'll drop off in Chicago, hunt up some meat-packer or other Croesus, and land your new railroad independently of the P. S-W."

It was a measure of the sincerity of Ford's liking for his host when he said: "That little shot of mine at your colleagues was merely a long bluff. If my scheme can't be worked with the P. S-W., it can't well be worked without it. We are lacking the two end-links in the chain--which I could forge. But my two end-links without the middle one wouldn't attract anybody."

It was quite late in the afternoon when they left the club, and Ford had no more than time to check his luggage and get to his train. He wondered a little when Adair went with him to the ferry, and was not ungrateful for the hospitality which seemed to be directed toward a lightening of the burden of failure. But Adair's word of leave-taking, flung across the barrier when the chains of the landing-stage were rattling to their rise, was singularly irrelevant.

"By the way, Mr. Ford; what time did you say your train would reach Chicago?"

"At eight forty-five to-morrow evening," replied the beaten one; and then the boat swung out of its slip and the retreat without honor was begun.

VII

HAMMER AND TONGS

It was raining dismally the evening of the following day when Ford saw from his Pullman window the dull sky-glow of the metropolis of the Middle West. It had been a dispiriting day throughout. When a man has flung himself at his best into a long battle which ends finally in unqualified loss, the heavens are as brass, and the future is apt to reflect only the pale light of the past failure.

It was after the train had entered the suburbs of Chicago that a blue-coated messenger boy came through the Pullman, with the car conductor for his guide. Ford saw himself pointed out, and a moment later was reading a telegram, with a tumult, not of the drumming car wheels, roaring in his ears.

Had a talk with my sister and made up my mind to see you through--if I don't get tired and quit, as usual. Secure options on that short-road stock quick, and wire me care McV. & M. Funds to your credit in Algonquin National, Chicago. Another directors' meeting to-day, and things look a little less chaotic. Answer. ADAIR.

For some time Ford could only read and re-read the exciting telegram, scarcely trusting the evidence of his senses. That the coldly indifferent members of the P. S-W. board, with a man like President Colbrith at their head, could be swung into line in the short space of a single day by a young fellow who seemed to be little more than a spoiled son of fortune, was blankly incredible.

But he was not long in realizing that the cherished scheme for which he had studied and struggled was actually beginning to stagger to its feet; or in reaching the equally stirring conclusion that his part in the suddenly reopened game called instantly for shrewd blows and the swiftest possible action.

The stock-holders in the three local roads which were to be united to bridge the Chicago-Missouri River gap were scattered all over the Middle West. To secure the necessary options on working majorities of the stock would be a task for a financial diplomat, and one who could break the haste-making record by being in a dozen different places at one and the same moment. Moreover, secrecy became a prime factor in the problem. If the opposition, and particularly the Transcontinental people, should get wind of the move, it would take fifteen millions to do the work of five, as Banker Magnus had intimated.

Notwithstanding the thickly marshaled obstacles, Ford had his plan of campaign pretty well thought out by the time his train was slowing into the Union Station. Before going to New York he had painstakingly "located" the required holdings of the three stocks. Some of them were in Chicago, but the greater number of the men to be bargained with were local capitalists living in the smaller cities along the lines of the three short railroads.

In his bag was a carefully compiled list of these stock-holders, with their addresses and the amounts of their respective holdings. At the worst, he concluded, it should mean nothing more formidable than a deal of quick traveling, some anxious bargaining, perhaps, and a little finesse to keep his object in securing the options safely in the background.

This was how it appeared in the prospect; and the young engineer had yet to learn that the securing of options is a trade by itself--a trade by no means to be caught up in passing, even by the most gifted of tyros.

Hence, it was extremely fortunate for this particular tyro--more fortunate than he could possibly know at the moment--that his telephone message sent from the first telephone he could reach after his train stopped in the Union Station, caught Kenneth at the Green Bag Club. It was a mere chance that he knew that Kenneth, the senior member of the firm of attorneys having general oversight of the Pacific Southwestern's legal department, was at the moment in Chicago; a chance hanging upon the fact that he had met Kenneth as he was passing through on his way eastward. But it was not by chance that the first familiar face he saw on entering the rotunda of the Grand Pacific Hotel was that of Kenneth. The sight was merely the logical result of Ford's urgent request telephoned to the lawyer's club.

"By Jove, Kenneth; this comes within two inches of being a miracle!--my catching you here before you had started West," Ford ejaculated. And then: "When are you going back?"

"I am supposed to be on the way now," was the lawyer's reply. "I had made all my arrangements to start back to-night on the slow train, but I dined with some friends on the North Side and made a miss. Where have you been?"

"I'm just in from New York. Let me register and get a room; and you put away any lingering notion you may have of heading westward to-night. I've got to have your ear for a few hours to begin with, and the whole of you for the next few days. No; don't probe me here. Wait, and I'll unload on you gradually. You won't be sorry you missed your train."

Fifteen minutes later Ford had his adviser safely behind a closed door, and had put him succinctly in possession of the world-subverting facts, as far as they went. When he concluded, the lawyer was shaking his head dubiously, just as Auditor Evans had done.

"Ford, have you any adequate idea of what a tremendous proposition you are up against?" he asked quietly, helping himself to a cigar out of the engineer's freshly opened box.

"I don't believe I have underrated the difficulties, any of them," said Ford, matching the attorney's gravity. "There are bones all the way along, but I think I have struck the biggest of them just here. I ought to be in a dozen places at once, and not later than to-morrow noon. That's something I can't quite compass."

"Getting these options, you mean? That is very true; but it isn't all of it, by long odds. There are the thousand and one mechanical details to be worked out: the coupling up of these three local lines at their connecting points, the securing of proper trackage or trackage rights at these junctions, the general ordering of things so that a through line may be opened immediately when the stock is secured. If there were ten of you, you couldn't get things licked into shape in time to get in on the grain carrying this season."

Ford had relighted his cigar, which had gone out in the explanatory interval, and was blowing smoke-rings toward the ceiling.

"I may be the biggest ass this side of the jack trails, and the most conceited, Kenneth; but you're over on my side of the ring when you talk about the mechanical obstacles. What I'm worrying about now is the fact that I can't do two things at once. The options must be secured before we can make the fifth part of a move in the other field; and the Lord only knows how long that will take. To hurry is to lose out."

The lawyer nodded. "And not to hurry is to lose out, too," he qualified. Then he smoked in thoughtful silence for five full minutes before he said, abruptly: "Give me your list of stock-holders and turn the option business over to the legal department, where it properly belongs. That will leave you foot-loose to go after the mechanical matter. How does that suit you?"

Ford sprang to his feet.

"By Jove, Kenneth, you're a man and a brother; I'm not forgetting that you are taking this entire fairy tale on my personal say-so; and I shan't forget it, either. It's what I wanted to ask--and was afraid to ask, after I got you safely jailed up here."

The attorney's smile was grim but friendly.

"I'm not forgetting how you took a sick man over into the Pannikin wilderness on a two-months hunting trip last fall and made a well man of him, Ford," he said. "Any man who can shoot as straight as you do wouldn't be sitting here telling me lies about a trifling little matter involving the expenditure of a beggarly thirty-five millions. But to come down to earth again: you haven't shifted any considerable part of the burden, you know. I can do this bit of routine work; but the main thing is up to you, just as it was before I said yes."

Ford rose, stretching himself like a man who has just been relieved of a burden whose true weight was appreciable only in its lifting.

"I know," he said cheerfully. "It has been up to me, all along. In the morning we'll go around to the Algonquin National, and I'll put you into the financial saddle. Then I'll get out on the line, and by the time you have the stock corralled, we'll be practically ready to pull through freight--if not passengers--from Denver to Chicago. Oh, I know what I am talking about," he added, when the general counsel smiled his incredulity. "This is no affair of yesterday with me. I have every mile of these three short roads mapped and cross-sectioned; I have copies of all their terminal and junction-point contracts. I know exactly what we can do, and what we can't do."

The lawyer's comment was frankly praiseful, not to say flattering.

"You're a wonder, Ford--and that's no figure of speech. How on earth did you manage to do it all at such long range?"

Ford's smile was reminiscent of the obstacles.

"It would take me all night to tell you in detail, Kenneth. But I did it. It's no mere brag to say that I could walk into the Chicago, Peoria & Davenport general offices here to-morrow morning and organize a through service over the P. S-W. and the three stub lines within twenty-four hours, if I had to."

"Well, that part of it is far enough beyond me," said the attorney. "The stock-chasing is more in my line. I hope we can keep quiet enough about it so that the opposition won't guess what we are trying to do. You're sure it won't be given away from the New York end?"

It was the engineer's turn to shake his head and to look dubious.

"Now you are shouting, Kenneth. I can't tell anything about it. You'll remember that when I left New York the board had turned the plan down, definitely and permanently, as I supposed. I should say that our only safety lies in lightning speed. When you get the options on those controlling stock majorities snugly on deposit in the Algonquin National, we can draw our first long breath. Isn't that about the way it strikes you?"

"It is, precisely," agreed the general counsel, rising and finding his hat. "And because it does strike me that way, I think I'll go down and do a little telegraphing to-night."

"Hold on a minute," said Ford, "and I'll give you a message to take down, if you don't mind. I must answer Adair, and it won't do any harm to prod him a little--on the secrecy side."

Kenneth waited, with his hand on the door-knob, as it chanced. Hence the opening of the door a minute or two later was quite without any preliminary stir of warning in the room of conference. That was possibly the reason why the lawyer almost fell over a man crouching in the corridor.

"Hello, there!" said Kenneth; "I beg your pardon."

The man got upon his feet, exhibiting all the signs of intoxication.

"Beg yoursh, I'm sure," he mumbled, and was lurching crookedly away when the lawyer suddenly came to his senses and grabbed at him. The clutching hand fell short, and there was an agile foot-race down the corridor, fruitless for Kenneth, since the fugitive suddenly developed sobriety enough to run like a deer. Beaten in the foot-race, Kenneth went back for a word with Ford.

"The battle is on," was the form the word took. "There was a man here, listening at the key-hole, when I opened the door. How much he overheard we'll be likely to find out to-morrow when we begin to pull the strings. Thought I'd give you the pointer. Good night, again."

VIII

THE AUTOMATIC AIR

Set out in cold type, Ford's itinerary for the four days following his conference with Kenneth would read like the abbreviated diary of a man dodging the sheriff. His "ticker" memorandum for that period is still in existence, but the notes are the hurried strokes of the pen of haste, intelligible, we may say, only to the man who made them. To quote:

"Thursday, nine a.m., Peoria--see Sedgwick; ten--make trackage contract with T.P. & W.; eleven a.m., Davenport--inventory motive power--see chief despatcher--get profiles and maps--get copies of yard contracts--get crossing rights--get total tonnage of grain cars. Three p.m., Hannibal--see Berdan and whip him into line--inspect shops--get contracts--get--"

But the string of "gets" fills the page, and is vital now to no living soul of man, least of all to us who are interested only in finding out if our young captain of industry actually did make good his boast of flogging the three short roads into some semblance of a through line in the brief interval at his disposal; and this without advertising to the railroad world at large who he represented and what he was doing.

He did it, and without a slip for which he could be held responsible. It was a wire from the chief office of the Transcontinental in New York, a telegram inspired by sundry leakages from Pacific Southwestern sources, that gave him a silent and observant follower in all of his dodgings. Of this, however, he was in blissful ignorance. Twice, indeed, he sat in the same Pullman section with his "shadow," quite without suspecting it; and once he was saved from disaster--also without suspecting it.