"I said," repeated the man at the head of the table: "’Always supposing the management observe a proper economy.’" He settled back in his chair. He seemed to consider the subject closed, and so, presently, did his companions. Within five minutes they had left him, and he was ringing for Rollins. "Rollins," he said, "take this letter." The secretary seated himself at the far end of the table. His employer walked to a window and looked out. His hands were clasped behind him now, and he did not turn his head as he rapidly dictated: "Robert M. Dohan. (Send it to his house address, Rollins, and mark it ’Confidential.’) I understand that the bill of which you have spoken to me will be passed and become a law to-day. I have just seen Messrs. Hallett and Rivington and have secured their agreement to the plan outlined in my personal conversation with you last week. In view of the favors that you have done me in the past, I think it fair to tell you, for your own use only, (Underline that, Rollins), that my friends have decided that they and I ought to do what you thought they might decide, viz.: unload at the end of five years. Considering your contemplated resignation next year, this will not affect you, except favorably in case you care to manipulate your own holdings in accordance with this news. "(Paragraph) I note what you say about the estimate submitted by the construction-department; also the letter of the steel-rail manufacturers which you inclosed, in which they say that the grade I suggested might not wear well. I think their use of the word ’dangerous’ is absurdly exaggerated. We have used this grade on several of our roads and feel sure from long experience that, with proper repair-gangs, it will wear for five years as well as the best. "(Paragraph) My desire, and the desire of my associates, is to protect the interests of the stockholders. With that in mind, I should state, what you have probably already gathered, that we feel that the new line must be built and operated with all possible economy. —— Very truly yours." The secretary closed his book. "Is that all?" he asked. Without turning, his employer nodded, and Rollins left the room. In the corner by the desk, a stock-ticker was clicking out yards of tape into a high wicker basket. The man that had just given the M. &. N. Railway permission to enter New York started to walk to the ticker; but he paused again, at the second window, to look down on the thoroughfare and buildings below him. From that height the streets of the city seemed to be threads leading in every direction; they seemed to radiate from the building in which the watcher stood. On the threads black dots that were hurrying men and women seemed to quiver like entangled flies. *CHAPTER III*