others were on the verge of failure. Financial insolvency for
him would mean the probable loss of his seat in Congress, and the
serious interruption of his political career. From what source could he
hope for relief? The preparations for the autumn campaign were already
being considered, and there was likelihood of another close contest
between the two political parties. But for the worry occasioned by his
plight, he would have resumed the contest with hopeful ardor,
appreciating that the pecuniary distress of the community would be
likely to work to his advantage. His own nomination was assured; his
re-election appeared probable. But after it what could he expect but the
deluge?

One source of the effectiveness of Horace Elton was that he was wont to
exercise foresight, and make his plans in advance while other men were
slumbering. He had been prepared for the panic because he had been
expecting it for more than a year, and the ship of his financial
fortunes was close reefed to meet the fury of the overdue gale. Also he
was quick to recognize that the wide-spread depreciation of values would
inevitably be followed by a period of business inactivity which would
throw out of employment a large number of wage earners whose ballots as
a consequence would be cast against the political party in power. As far
back as the time when he made the acquaintance of Selma at Washington
and selected her as the wearer of his cameo pin, he had been incubating
on a scheme for the consolidation of the gas companies in the cities and
towns of the state into one large corporation. For this corporation he
required a liberal charter, which the next legislature would be invited
to grant. He expected to be able to procure this franchise from the
legislature, but he judged that the majority in favor of the bill would
not be large enough to pass it over the Governor's veto. Accordingly it
was of the first importance that the Governor should be friendly to the
measure.

This was the year of the Presidential election. Both political parties
were seeking to nominate their strongest candidates for the various
federal and state offices. A promoter of large business schemes was at a
disadvantage in a campaign where party feelings ran high and national
issues were involved, and Elton knew it. He commonly chose an off year
in politics for the consummation of his business deals. But he had
chosen to push his bill this year for the reason that he wished