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What do you hear from Boston?" "Nothing new. The stock is still flat on the market, with the stock-holders' pool holding a bare majority, and the Plantagould brokers buying in driblets wherever they can find a small holder who is willing to let go. It is only a question of time; and a very short time at that." The editor wagged his head in sympathy. "I wish I could help you, David.
The major is bolstering things from week to week now until the Plantagould people get what they are after a controlling majority of the stock and then Judge MacFarlane will come back." They were within two squares of the Clarendon, and the cross-street was deserted save for a drunken cow-boy in shaps and sombrero staggering aimlessly around the corner. "That's curious," Loring remarked.
On the other hand, it is doubtless a condition of the deal that the road shall be turned over whole as to its property values there is to be no wrecking in the general acceptance of the word. The Plantagould doesn't want a picked skeleton." Miss Portia's eyes narrowed. "It's a skilful bit of engineering, isn't it?" she said.
Loring had no direct evidence to sustain the stock deal theory; but it was morally certain that the Plantagould brokers were picking up Western Pacific by littles wherever they could find it. "I am inclined to believe we haven't much time to lose," was Kent's comment. "Things will focus here long before Washington can get action.
"Yes; but particularly he is the advisory counsel of the Plantagould System. Ever since you showed me that letter I have been trying to account for his presence in Gaston on the day before Judge MacFarlane's spring term of court. I should never have found out but for Mrs. Brentwood." "Mrs. Brentwood!" Miss Van Brock nodded.
The negotiations for the lease had consumed much time at a crisis when time was precious. Judge MacFarlane had to be recalled and once more bullied into subjection; and Falkland, acting for the Plantagould interest, had insisted upon some formal compliance with the letter of the law.
"Ah! that explains Judge MacFarlane's return. Now what I am going to tell you is the deadest of secrets. It came to me from one of the Overland officials, and I'm not supposed to gossip. Did you know the Overland Short Line had passed under Plantagould domination?" "I know they elected a Plantagould directory at the annual meeting." "Exactly.
"Of course he told you all about it," said Kent, incredulously. "He told me what I needed to know. The broker in question is a Plantagould man." "Still I fail to 'connect up, as the linemen say." "Do you? Ah, David, David! will you leave it for a woman to point out what you should have suspected the moment you read that bit of gossip in Mr. Hunnicott's letter?"
The Plantagould people want your railroad, and the receivership is a part of a plan for acquiring it. But why is Major Guilford spending so much money for improvements?" "His reasons are not far to seek now that you have shown me where to look. His instructions are to run the stock down so that the Plantagould can buy it in. Cut rates and big expenditures will do that have done it.
After the major has sufficiently smashed the stock, Judge MacFarlane will come back, the hearing on the merits will be given, we shall doubtless make our point, and the road will revert to the stock-holders. But by that time enough of the stock will have changed hands on the 'wreck' price to put the Plantagould people safely in the saddle, and the freeze-out will be a fact accomplished."
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