The Lattimore & Great Western with the Belt Line terminals would make the Pendleton system dominant in Lattimore. In the possession of Halliday it would render him the arbiter of the city's fortunes, and would cut off from his rival's lines the rich business from this feeder. Both men were playing with the patience of Muscovite diplomacy the old and tried game of permitting the little road to run until it got into difficulties, and then swooping down upon it; but either, we thought, and especially Pendleton, would pay full value for the properties rather than see them fall into his opponent's net. I wired Pendleton's office from home that I was coming. At Chicago I received from his private secretary a telegram reading: "Mr. Pendleton will see you at any time after the 9th inst. SMITH." We had been having some correspondence with Mr. Halliday's office on matters of disputed switching and trackage dues. The controversy had gone up from subordinate to subordinate to the fountain of power itself. A contract had been sent on for examination, embodying a _modus vivendi_ governing future relations. I had wired notice of my coming to him also, and his answer, which lay alongside Pendleton's in the same box, was evidently based on the supposition that it was this contract which was bringing me East, and was worded so as to relieve me of the journey if possible. "Will be in New York on evening of 11th," it read, "not before. With slight modifications, contract submitted as to L. & G. W. and Belt Line matter will be executed. HALLIDAY." I spent no time in Chicago, but pushed on, in the respectable isolation of a through sleeper on a limited train. Once in a while I went forward into the day coach, to give myself the experience of the complete change in the social atmosphere. On arrival, I began killing time by running down every scrap of our business in New York. My gorge rose at all forms of amusement; but I had a sensation of doing something while on the cars, and went to Boston, and down to Philadelphia, all the time feeling the pulse of business. There was a lack of that confident hopefulness which greeted us on our former visits. I heard the Fleischmann failure spoken of rather frequently. One or two financial establishments on this side of the water were looked at askance because of their supposed connections with the Fleischmanns. Mr. Wade, in hushed tones, advised me to prepare for some little stringency after the holidays. "Nothing serious, you know, Mr. Borlish," said he, still paying his mnemonic tribute to the other names of our syndicate; "nothing to be spoken of as hard times; and as for panic, the financial world is too well organized for _that_ ever to happen again! But a little tightening of things, Mr. Cornings, to sort of clear the decks for action on lines of conservatism for the year's business."