“That may be so,” admitted Belden, “but I have learned not to be too confident in forecasting the action of public officials and corporations. The company could make a strong point by threatening to cut out Bington entirely and carry its line to one side of it.” “That would make a loop in their road that would be costly in building and in the delays it would occasion,” argued Lake. “They can’t make any circuits, if they are to do the business.” “Nevertheless,” returned Belden, “their actions show that they are very sure of their ground.” “Simply because I haven’t the ready cash,” said Lake bitterly. “Will you loan it to me, Mr. Belden? If you won’t go into the deal yourself, will you loan me the money to put it through? I’ll give you the stock as security, and I think you know me well enough to know that I’ll repay every cent of it as rapidly as possible.” “My dear Horace,” exclaimed Belden with frank friendliness, “I haven’t the least doubt of your integrity, but I have very serious doubts of your ability to repay any such sum, and it is more than I care to lose. You never have had a thousand dollars at one time in your life, and I may say, without intending to be unkind, that it isn’t likely you ever will. As for the security, its value depends entirely on the success of your plans: if you fail, it won’t be worth ten cents. Now, if you had any real security, upon which I could realize in case anything happened to you, I would cheerfully let you have the money for as long a time as you wish. Although your plan does not appeal to me, I am sincerely anxious to be of assistance to you as far as possible, but I can’t make you a gift of twenty thousand dollars. Convince me that it will be repaid ultimately—no matter in how long a time—and I will let you have it.” Lake departed, discouraged. He had no security of any sort to offer, and had only asked for the loan as a desperate last resort, without the slightest expectation that he would get it. The company, he decided, had beaten him, just because no one else was clear-headed enough to see the opportunity, and he might as well get what little profit he could while there was still time. With this object in view, he went to see the colonel. “I have decided,” he said, “to let you have the road for a bonus of five thousand dollars.” “That is very kind of you,” returned the colonel, “but we can get it cheaper. You see,” he explained, with the disagreeable frankness of one who thinks he holds the winning hand, “the minority stock-holders were a little disgruntled when they learned of your deal—thought they had been left out in the cold—and they were ready to make very favorable terms with us. As we have a second option on the majority stock, at a somewhat higher figure, we have only to wait until your option expires and then take the little we need to give us control.” “I’ll let you have my option for the two thousand you offered a month ago,” said Lake in desperation.