The boss nodded. "I know what has happened. In spite of the fact that the local people know that their economic salvation depends upon a wide and even distribution of their C. S. & W. stock, there has been a good bit of buying and selling and swapping around. I remember you prophesied that in a little while we'd have another trust in the hands of a few men. You may recollect that I didn't dispute your prediction. I merely said that our ground leases—the fact that all of the C. S. & W. plants and buildings are on railroad land—would still give us the whip-hand over any new monopoly that might be formed."

"Yes, suh; I remember you said that," the major allowed.

"Very good. Marshall and his pocket syndicate may have acquired a voting control in C. S. & W., and they may be willing now to patch up an alliance with Hatch. But in that case the new monopoly will still lack the one vital ingredient: the power to fix prices. If there is a new combine, and it tries to make the producers and merchants pay more than the agreed percentages for storage and handling——"

"I know," the major cut in. "You-all will rise up in the majesty of youh wrath and put it out of business by terminating the leases. I hope you may: I sutt'inly do hope you may. But you'll recollect that I didn't advise you on that point, suh. You took Misteh Ripley's opinion. Maybe the cou'ts will hold with you, but, candidly, Graham, I doubt it—doubt it right much."

The boss didn't seem to be much scared up over the doubt. He just smiled and said we'd be likely to find out what was in the wind, and that before very long. Then he spoke of Hatch's afternoon call at our offices, and mentioned the fact that the Red Tower president would probably try again, later in the evening.

The major let the business matter drop, and he was working his way patiently through the salad course when he looked up to say:

"Was there anything in youh trip to Strathcona to warrant Sheila's little telegraphic dangeh signal, Graham?"

"Nothing worth mentioning," said the boss, without turning a hair; doing it, as I made sure, because he didn't want Mrs. Sheila to be mixed up in the plotting business, even by implication.

The major didn't press the inquiry any farther, and when he spoke again it was of an entirely different matter.

"Away along in the beginning, somebody—I think it was John Chadwick—spoke of you as a man with a sawt of raw-head-and-bloody-bones tempeh, Graham: what have you done with that tempeh in these heah latteh days?"