"That is much nearer the truth, young man," he said, somewhat harshly because of his suppressed emotion, "than I want people at large to suspect. As I have told your father, I came here to put all my cards on the table; but I expect the Swift Construction Company to take anything I may say as said in confidence."

"We quite understand that, Mr. Bartholomew," said the elder Swift, softly. "You can speak freely. Whether we do business or not, these walls are soundproof, and Tom and I can forget, or remember, as we wish. Of course if we take up any work for you, we must confide to a certain extent in our close associates and trusted mechanics."

"Humph!" grunted the visitor, turning restlessly again in his chair. Then he said: "I agree as the necessity of that last statement; but I can only hope that these walls are soundproof."

"What's that?" demanded Tom, rather sharply. He was a bright looking young fellow with an alert air and a rather humorous smile. His father was a semi-invalid; but Tom possessed all the mental vigor and muscular energy that a young man should have. He had not neglected his Athletic development while he made the best use of his mental powers.

"Believe me," said the visitor, quite as harshly as before, "I begin to doubt the solidity of all walls. I know that I have been watched, and spied upon, and that eavesdroppers have played hob with our affairs.

"Of late, there has been little planned in the directors' room of the H. & P. A. that has not seeped out and aided the enemy in foreseeing our moves."

"The enemy?" repeated Mr. Swift, with mild surprise.

"That's it exactly! The enemy!" replied Mr. Bartholomew shortly. "The H. & P. A. has got the fight of its life on its hands. We had a hard enough time fighting nature and the elements when we laid the first iron for the road a score of years ago. Now I am facing a fight that must grow fiercer and fiercer as time goes on until either the H. & P. A. smashes the opposition, or the enemy smashes it."

"What enemy is this you speak of?" asked Tom, much interested.

"The proposed Hendrickton & Western. A new road, backed by new capital, and to be officered and built by new men in the construction and railroad game.