"It looks bad—devilish bad." The promoter was planted heavily in his pivot-chair, and the sandy-gray eyes dwindled to pin-points. "Three days ago the blasting stopped, and Garner—you know him, the little Kansas City shark across the street—got busy with the wire. The next thing we knew he was unloading, quietly and without making any fuss about it, but at prices that would have set us afire if he'd had enough stuff in his pack to amount to anything."

Brouillard tried to remember that he was the Reclamation Service construction chief, that the pricking of the Mirapolitan bubble early or late concerned him not at all,—tried it and failed.

"I am afraid you are right," he said thoughtfully. "We've had a good many applications from men hunting work in the past two days, more than would be accounted for by the usual drift from the railroad camps."

"You saw President Ford after I did; what did he say when he was over here?"

"He said very little to me," replied Brouillard guardedly. "From that little I gathered that the members of his executive committee were not unanimously in favor of building the Extension."

"Well, we are up against it, that's all. Read that," and the promoter handed a telegram across the desk.

The wire was from Chicago, was signed "Ackerman," and was still damp from the receiving operator's copying-press. It read:

"Work on P. S-W.'s Buckskin Extension has been suspended for the present. Reason assigned, shrinkage in securities and uncertainty of business outlook in Niquoia."

Brouillard's first emotion was that of the engineer and the economist. "What a bunch of blanked fools!" he broke out. "They've spent a clean million as it stands, and they are figuring to leave it tied up and idle!"

Mr. Cortwright's frown figured as a fleshly mask of irritability.