alert, jerky manner, his black, bead-like eyes twinkling around the room
from behind his glasses. "Telephone, safe, ticker, account-books--well,
that's progress, isn't it? Only way to manage a big ranch these days.
But the day of the big ranch is over. As the land appreciates in value,
the temptation to sell off small holdings will be too strong. And then
the small holding can be cultivated to better advantage. I shall have an
editorial on that some day."

"The cost of maintaining a number of small holdings," said Magnus,
indifferently, "is, of course, greater than if they were all under one
management."

"That may be, that may be," rejoined the other.

There was a long pause. Genslinger leaned back in his chair and rubbed
a knee. Magnus, standing erect in front of the safe, waited for him to
speak.

"This is an unfortunate business, Governor," began the editor, "this
misunderstanding between the ranchers and the Railroad. I wish it could
be adjusted. HERE are two industries that MUST be in harmony with one
another, or we all go to pot."

"I should prefer not to be interviewed on the subject, Mr. Genslinger,"
said Magnus.

"Oh, no, oh, no. Lord love you, Governor, I don't want to interview you.
We all know how you stand."

Again there was a long silence. Magnus wondered what this little man,
usually so garrulous, could want of him. At length, Genslinger began
again. He did not look at Magnus, except at long intervals.

"About the present Railroad Commission," he remarked. "That was an
interesting campaign you conducted in Sacramento and San Francisco."

Magnus held his peace, his hands shut tight. Did Genslinger know of
Lyman's disgrace? Was it for this he had come? Would the story of it be
the leading article in to-morrow's Mercury?

"An interesting campaign," repeated Genslinger, slowly; "a very
interesting campaign. I watched it with every degree of interest. I saw
its every phase, Mr. Derrick."

"The campaign was not without its interest," admitted Magnus.

"Yes," said Genslinger, still more deliberately, "and some phases of it
were--more interesting than others, as, for instance, let us say the
way in which you--personally--secured the votes of certain chairmen of
delegations--NEED I particularise further? Yes, those men--the way
you got their votes. Now, THAT I should say, Mr. Derrick, was the most
interesting move in the whole game--to you. Hm, curious," he murmured,
musingly. "Let's see. You dep