"Then I'll brief it for you," said the big man in the stuffed wicker chair. "It has always been a good earning property, being largely, even yet, without much local competition. But from the day it was completed its securities have figured in the market only for their speculative values. The property itself has never been considered, save as a means to an end; the end being to enable one bunch of the Wall Street gamesters you speak of to make a 'killing' and unload on another bunch."
"The old story," said Mr. Norcross.
"We are bumping over the net result, right now," Mr. Chadwick went on. "The property is bled white; there is no money for betterments; we are tied hand and foot by all sorts of legal restrictions and regulations; and, worse than all, the people we are supposed to serve hate us until you can smell it and taste it in every town and hamlet on the right-of-way."
"So I have heard," put in the boss, calmly.
"That brings us down to the nib of the matter. Pioneer Short Line is practically in the last ditch. The stock has slumped to forty and worse; Shaffer, the general manager and the only able man we have had for years, has resigned in disgust; and if something isn't done to-morrow morning in Portal City, I know of at least one minority stockholder who is going to throw the whole mess into the courts and try for a receivership."
Mr. Norcross looked up quickly.
"Are you the minority stockholder, Uncle John?" he asked, letting himself use the name by which Mr. Chadwick was best known in the wheat pit.
"I am—more's the pity. I had a little lapse of sanity one fine morning a few years ago and bought in for an investment. I've done everything I could think of, Graham, to persuade Breck Dunton and his Wall Street accomplices to spend just one dollar in ten of their reorganization and recapitalization stealings on the road itself, but it's no good. All they want is to get one more rise out of the securities, so they can unload."
"Is there to be a stockholders' meeting in Portal City to-morrow morning?"
"No; a directors' meeting. Dunton has been making an inspection trip over the system with a dozen or so of his New York cronies. It's a junketing excursion, pure and simple, but while they're here they'll get together and go through the form of picking out a new general manager. I'm on the board and they had to send me notice, though it's an even bet they hoped I'd stay away. In fact, I think they scheduled the meeting out here on the chance that the distance from Chicago would keep me from attending it."