"Of course," the latter answered quickly. "Of course—of course!" He seemed groping for a fresh beginning, then gave up suddenly all attempt at circuity and blurted it out much as though he had lived with the thought too long to endure it longer alone.

"I'm in up to my last dollar," he stated. "And Ainnesley—why, Ainnesley wouldn't have a roof over his head if we failed in our obligations! You must know as well as I do why the banking interests took our paper to those amounts which made it possible for us to drive the first spike."

When he failed to go on Steve understood that the last sentence had been a question.

"Mr. Allison, I suppose." His voice became utterly impersonal. "Without doubt you mean Mr. Allison?"

"They would have laughed at us," the older man came back instantly. "And what is more, they did! They wouldn't touch the proposition, until Allison came in with us. And then—but you know what Dexter Allison has done already in this country. I don't know what he started with. I do know that all that Ainnesley and I had scraped up between us looked like a shoe-string to him.

"We couldn't move until he, of his own accord, expressed his enthusiasm for the plan and asked for a share in the holdings. You know, perhaps, how he can laugh, too. Well, he laughed that way and confessed that we had just beaten him to it. He said it would tap a gold mine—this 'strip of steel,' as he called it. He even told us that he'd parallel our road with a competitor, jokingly to be sure, if we hadn't tied up the only available and practicable right of way.

"He came in. He opened up, merely through his own name and all there is behind it, loan possibilities for which we might have struggled uselessly the rest of our lives without his help. Between us Mr. Ainnesley and I just managed to hold the balance of stock control and—and that's how deep we are in, Mr. O'Mara."

Both men sat and smoked, each avoiding, elaborately, the other's eyes. After a long pause, Elliott cleared his throat, laboriously.

"This morning," he continued slowly, "this morning I am in receipt of a communication from Mr. Ainnesley himself, advising me that another right of way has been applied for, for a single track road here in the north. The gossip which chanced to come his way was rather obscure. Little could be learned about the whole affair save that it was being put forward with a view to tapping the ore and timber lands all the way to and beyond the border. But as nearly as he could ascertain the southern terminus of such a road would seem to be about—about at the mouth of that valley southernmost in the Reserve Company's timber holdings. Rather a remarkable choice for a railroad terminus, Mr. O'Mara—wouldn't you say so?"

Steve leaned toward him.