tion who reigned at St.
Marys demanded still further offerings. This was why Wimperley had
persuaded Birch, one of the keenest and most cold blooded financial men
in the city, to come on the board. Birch, he reckoned, would be the
necessary balance-wheel, and it was safe betting that he would not
yield to the mesmeric influence of the man in St. Marys. Now Stoughton
and Riggs and Birch had met him in the Consolidated office, and through
a pale, gray haze of cigar smoke Wimperley spoke that which was in his
mind.

"The thing is going too fast," he concluded. "My God! How much money
has that man spent?"

Birch fingered a straggling gray beard. He was a tall man, lean and
silent, with a tight mouth, sallow cheeks and cold eyes. It was said
he had never been caught napping, and his was one of those fortunes
which are acquired in secrecy. He was neither companionable nor
magnetic but he was obviously shrewd and astute and created a sense of
confidence which, though chilling, was none the less reassuring.
Birch, like the rest, had met Clark, but now he put the vision of those
remarkable eyes out of his head.

"Seven millions and a half up to last Saturday."

Stoughton made a thick little noise in his throat. He knew it was
something over seven millions, but the figures sounded differently as
Birch gave them. Then Wimperley's voice came in.

"Had a letter yesterday, Clark wants to build a railway."

"Why?" squeaked Riggs.

"To bring down pulp wood from new areas which are not on the river. He
wants to open up the country generally--says it is full of natural
resources."

"Is there any dividend in sight?" demanded Stoughton bluntly.

Followed a little silence and the long thin fingers of Birch began an
intermittent tap on the polished table. Presently Wimperley glanced up
and smiled dryly. He had not known that Birch understood the Morse
code. "Birch has told you," he said.

Stoughton and the rest looked puzzled.

"We can't pay a dividend if we let Clark build this railway."

"Then why build it?"

"Clark claims it is necessary to secure a dependable supply of spruce
for the pulp mills, and hard wood for the veneer works. He reckons it
will cost two million, and says the Government will help--but perhaps
they won't." He broke off, rather red in the face.

"Do any of you fellows remember Marsham?" put in Birch quietly.

Stoughton looked up. "Only too well, what about him?"

"Well, you know he