"He took it too easily; a great deal too easily, Loudon. I tell you, there's something rotten in Denmark. He was as cold-blooded as a fish."

Hoskins, long since reinstated, and now engineman of the first section of the excursion train, was whistling for orders, and Bromley had to go.

"I've heard a thing or two myself, during the day," he averred. "I'll tell you about them in the morning. The company's secretary has been busy making stock transfers all day—when he wasn't spellbinding from some platform or other. There is something doing—something that the baa-lambs don't suspect. And Mr. Pelham and his little inside ring are doing it."

Ballard got up and went to the door with the assistant.

"And that isn't the worst of it, Loudon," he said, with an air of sudden and vehement conviction. "This isn't an irrigation scheme at all, it's a stock deal from beginning to end. Mr. Pelham knows about that hollow tooth; he knew about it before I told him. You mark my words: we'll never get orders to plug that tunnel!"

Bromley nodded agreement. "I've been working my way around to that, too. All right; so let it be. My resignation goes in to-morrow morning, and I take it yours will?"

"It will, for a fact; I've been half sorry I didn't saw it off short with Mr. Pelham when I had him here. Good-night. Don't let them persuade you to go over the pass. Stop at Ackerman's, and get what sleep you can."

Bromley promised; and a little later, Ballard, sitting in the moonlight on the office porch, heard the trains pull out of the yard and saw the twinkling red eyes of the tail-lights vanish among the rounded hills.

"Good-by, Mr. Howard Pelham. I shouldn't be shocked speechless if you never came back to Arcadia," he muttered, apostrophising the departing president of Arcadia Irrigation. Then he put away the business entanglement and let his gaze wander in the opposite direction; toward the great house in the upper valley.

At the first eastward glance he sprang up with an exclamation of astonishment. The old king's palace was looming vast in the moonlight, with a broad sea of silver to take the place of the brown valley level in the bridging of the middle distance. But the curious thing was the lights, unmistakable electrics, as aforetime, twinkling through the tree-crownings of the knoll.