On the inside of the door Timothy Margrave and Horton, the president, Barnes, the secretary, and Percival, the treasurer of the Clarkson Traction Company, were holding the annual meeting of that corporation, in conformity with its articles of association, and according to the duly advertised notice as required by the statutes in such cases made and provided. They had, however, anticipated the hour slightly; but this was not, Margrave said, an important matter. His notions of the proper way of holding business meetings were based on his long experience in managing ward primaries. Horton, the president, called the meeting to order. "Well, boys," said Margrave, "there ain't any use waiting on the other fellows. Business is business and we might as well get through with it." "Shall we hear the report of the secretary and treasurer?" the president asked Margrave deferentially. "I move that we pass that," said Margrave. He was smoothing out the certificates of his shares on the table. "I move that we proceed at once to the election of officers of the company. Is the door locked?" "Sure," said Barnes, the secretary, but he went over and tried it. "I guess Porter ain't coming," he said in a tone of regret that was intended to be facetious, "and he must have forgotten to send proxies." "I vote twenty-five hundred and ninety-seven shares of the common stock of this company; you gentlemen haven't more than that, have you?" The fact was that the three officers present owned only one share each as their strict legal qualification for holding office. "I think the minutes ought to show," said the secretary, "that these were the only shares represented, and that due advertisement was published according to law, but that owing to the loss of the stock register, written notice to individual stockholders was given only to such holders of certificates as disclosed themselves." "That's all right," said Margrave. "You fix it up, Barnes, and you'd better get Congreve to see that it's done with the legal frills." Congreve was the local counsel of Margrave's railroad, and was a man that could be trusted. "I move," said Barnes, "that we proceed to the election of officers for the ensuing year." "And I move," said Percival, "that the secretary be instructed to cast the ballot of the stockholders for Timothy Margrave for president." "Consent," exclaimed Barnes, hurriedly. Steps could be heard in the outer hall, and Margrave looked at his watch. "I move that we adjourn to meet at my office at two o'clock, to conclude the election of officers." Some one was shaking the outside door. "Can't we finish now?" asked Horton, who had been promised the vice-presidency. He and the other officers were afraid of Margrave, and were reluctant to have their own elections deferred even for a few hours. There was another knock at the door.