The stock and bondholders have had a meeting and are going to ask the court to appoint a Receiver, and when he gets through with us we'll cut as much ice in the affairs of the Company as two office-boys, with no cause for complaint if we keep out of jail. There's been a high-priced engineer doing detective work on the project for days and his report wouldn't be apt to swell your head. The bondholders know more about the Symes Irrigation Company and conditions under the project than I ever did. They know that your none too perfect water-right won't furnish water for a third of the land under the ditch. They know that if you had every water-right on the river that there's some ten thousand acres of high land that couldn't be reached with a fire-hose. They know that there's another thousand or so where the soil isn't deep enough to grow radishes, let alone sugar-beets. They know, too, that instead of the $250,000 of your estimate to complete the ditch it will require nearly half a million, and they're on to the fact that in order to get this estimate you cut your own engineer's figures in two, and then some, upon the cost of making cuts and handling loose rock. Rough work, Symes, raw even for a green hand. You've left a trail of blood a yard wide behind you. Furthermore, the report contained the information that the wide business experience which you lost no occasion to mention consisted chiefly of standing off your creditors in various sections of the country. I trust that I have made it quite plain to you that we're down and out. I have about as much weight in financial circles as a second-story man, and am regarded in much the same light, while you are as important as a cipher without the rim. And the man behind all this, the largest bond-holder, the fellow that has pulled the strings, is not the Fly-Trap King, or even J. Collins Prescott, but the man he works for, Ogden Van Lennop, whose present address happens to be Crowheart. What's the answer? Why has a man like Van Lennop who is there on the ground and has long been familiar with conditions, why has he become the largest investor? Why should he tie up money in a project which the engineer reports will never pay more than a minimum rate of interest upon the investment even when the Company is re-organized and the ditch pushed to completion under economical and capable management? Why has he come in the Company for the one purpose of wrecking it? Why has he stuck the knife between your short ribs and mine--and turned it? What's the answer, Symes, you must know? We might as well buck the Bank of England as the Van Lennops, or match our wits against the Secret Service. They've got us roped and tied and I'd advise you not to squeal. Truly yours, S. B. MUDGE