"Confound journalism!" Hildreth could not altogether repress his irritation. "The whole game is at stake, my dear fellow, and you're one of us, you know."

"Am I? How much? You've never told me."

Here Tucker winked at Fanning, and Duncan nodded at Tucker. It was clear that Braine was "striking," and they were now getting at the marrow of the matter.

"We've just been talking that over," said Hildreth with eager confidence; "and this is what we think we can afford to do for you," handing Braine a memorandum. "It's extremely liberal, you see, but we want to be as liberal as possible with you. We haven't forgotten how you served us at the pinch, and we want your brains hereafter."

Braine scanned the memorandum carelessly. Then he handed it back, and said:

"My brains cannot be had at the price. I've been trying them a little, recently, and find they're worth more to me than you offer."

"Might I ask, Mr. Braine," interposed Duncan, snapping his fingers against his knuckles, "what is your notion of a fair arrangement between us?"

"Certainly," answered Braine; "and in order that you may not think me unreasonable, I will first explain how matters stand with me. In the first place, it seems only proper to say that it was I who, in the absence of any hint of your plans from Mr. Hildreth, made the mistake of selling Northern short in New York."

"You!" exclaimed Hildreth. "You! Why, where on earth did you get the money?"

"You lent me enough. It don't take a great deal of margin to sell short with, on a falling market. By the way, I'd like to give you my check for the amount I owe you, and take up my note before maturity, if it's all the same to you. Besides I have some friends in New York who are pretty strong—the Van Duyns and others—sit still and hear me out, please," as the others rose in astonishment at the mention of that name. "As I was saying, I sold Northern short till the collapse came, and you will be glad to know that I netted a very comfortable profit when the stock tumbled from 73 to 37—just reversing the figures, which seems to me an interesting coincidence. By that time, Van Duyn and his friends had gone in with me in some plans I had formed. We thought, upon looking over the ground, that we could see a way by which the Northern road could force its way to the river in spite of the levee grant. In fact, I am pretty well convinced that the grant can be wholly invalidated if necessary. I hold conclusive proofs that the aldermen were bribed to make it. I thought if I asked to have it rescinded, all parties would probably consent rather than risk the submission of this proof to a grand jury."