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 button-hole, and the air of assurance 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 i