Tooker fidgeted uneasily with the papers on the junior partner’s desk, moving to the safe in the main office and back again, bringing bundles of documents which he disposed in an orderly row where Mr. Gallatin could put his hands on them. Eleven o’clock was the hour set for the conference between Henry K. Loring and Philip Gallatin. Mr. Leuppold had written last week that Mr. Loring had agreed to a conference and asked Mr. Gallatin to come to his, Mr. Leuppold’s, private office at a given time. Gallatin had agreed to the day and hour named, but politely insisted that Mr. Leuppold and Mr. Loring come to his office. It would have made no difference in the result, of course, but Gallatin had reasons of his own.

At ten o’clock Philip Gallatin came in and read his mail. He had returned yesterday from his southern visit, and in the afternoon had gone over, with Mr. Kenyon and Mr. Hood, the details of the case. The matter had been discussed freely, but it was clear to Tooker, who had been present, that the other partners had been able to add nothing but their approval to the work which Gallatin had done.

His mail finished, Gallatin took up the other papers on his desk and scrutinized them carefully, after which he glanced at his watch and pressed the button for the chief clerk.

[311]

“There has been no message from Mr. Leuppold, Tooker?” he asked.

“Nothing.”

Gallatin smiled. “That’s good. I was figuring on a slight chance that they might want more time, and ask a postponement.”

“I had thought of that.”

“It wouldn’t help them. I guess they’ve found that out.”

“I hope so. But I shouldn’t take any chances.”

“No, I won’t,” he returned grimly. And then, “Mr. Markham is here, isn’t he?”

“Yes. He came early. I’ve shown him into Mr. Kenyon’s office as you directed.”

“Very good, Tooker. And I will want you, so please don’t go out.”

“I’m not going out this morning, Mr. Gallatin,” said Tooker, with a grin.

After the chief clerk had disappeared Gallatin walked to the window where he stood for a long while with his hands behind his back, looking out toward the Jersey shore. His thoughts were not pleasant ones. The words of Jane’s recrimination were still ringing in his ears. It was Henry Loring, of course, who had put all that into her head, but he blamed her for the readiness with which she had been willing to condemn him from the first, the facility with which she had been able to turn from him to another.

His idyl had passed.

He turned into the room, brows lowering and jaws set, and went to his desk again. There, at a few moments past eleven, Tooker brought in word that Mr. Leuppold and Mr. Loring were waiting to see him.

“Tell them to wait in the outer office, Tooker,” he[312] said with a gleam in his eye, “that I will be at liberty in a few moments. I’ll ring for you.”

When Tooker had gone, Gallatin sat down again, glanced at his watch, then took up the morning paper, which he had not yet opened, and read, smiling. It amused him to think of Henry K. Loring sitting in the outer office, wasting time worth a hundred dollars a minute. It amused him so much that he dropped the paper, put his feet up on his desk, and lit a cigarette, to enjoy the situation more thoroughly. Leuppold, too, his suavity slowly yielding to his impatience, would be twisting his watch-fob by now or tapping his fat fingers on his legs, while he waited, his ease of mind little improved by the delay.

Gallatin’s smile diminished with his cigarette, and at last he looked at his watch and put his feet on the floor and rang for the chief clerk.

“You may show those gentlemen in, Tooker,” he said quietly.

Tooker glanced at the ashes of the cigarette, picked up the newspaper and put it on a chair in the corner, then laid one or two documents obtrusively open, on Mr. Gallatin’s desk. Phil watched him with a smile. Tooker was a thoughtful and cautious soul.

But he was reading the nearest document intently when Loring and Leuppold entered. He turned in his chair—rose and bowed.

“You’ve met Mr. Loring, Mr. Gallatin?” said Leuppold.

Loring dropped his chin abruptly the fraction of an inch, peering keenly about, his lips drawn in a thin and unpleasant smile. Phil Gallatin indicated a chair at one end of the table, into which Loring stiffly sat, with one arm on the table, his bull-neck thrust forward, peering[313] steadily at the younger man, watching every movement, studying his face as though trying by the intentness of his gaze to solve the question as to whether this curiously inconsistent young man was a menace or merely a nuisance.

Gallatin laid some papers upon the table, took some others from Tooker and moved his desk chair to the table. If he felt Loring’s scrutiny, his calm demeanor gave no sign of it, for after a few commonplaces he began addressing his remarks directly to Mr. Leuppold’s client.

“I don’t propose to take up a great deal of your time, gentlemen,” he began, “and I think I can state my position in a very few moments.” He took out his watch and looked at it. “About twenty minutes, I think. The facts, as you both know, are these: John Sanborn, representing the minority stockholders of the Sanborn Mining Company, filed an injunction against the President and Board of Directors of the Sanborn Mining Company to prevent the sale of its properties and interests to the Pequot Coal Company. This injunction was lost in the Supreme Court and was appealed to the Appellate Court, when the case came into my hands. That appeal is pending. That is a correct statement, is it not?”

“It is,” said Leuppold blandly, while Loring nodded his head.

“The sale has, therefore, not been consummated and cannot be consummated until the higher court has affirmed the decision of the lower one or reversed it.”

“That is also true, Mr. Gallatin,” said Leuppold. “Proceed, sir.”

Gallatin hesitated, his brows drew together and his voice took a deeper note.

“This case, Mr. Leuppold, is one which involves not only large issues but large principles. The Sanborn Mining[314] Company owns the most valuable coal properties, with the possible exception of those owned by the Pequot Coal Company, in the State of Pennsylvania, and until 1909 was doing an enormous business with the trade centers of the East, working at full capacity and employing an army of men in getting its coal to market. Its only rival in production was the Pequot Coal Company, of which Mr. Loring, as he has admitted, controls the majority of the stock.

“In the summer of 1909, conditions changed. The Lehigh and Pottsville Railroad Company found it impossible to furnish cars to the Sanborn mines. I have copies of the correspondence, relating to the matter: repeated letters of request on the part of the Sanborn Company and excuses on the part of the railroad company, as well as frequent promises which were never fulfilled.”

“What has that to do with the pending suit?” asked Leuppold carelessly, with an effective shrug of his shoulder.

“I’m coming to that, Mr. Leuppold. And I ask for your patience,” said Gallatin. “This failure of the railroad company to provide facilities for the shipment of the coal of the Sanborn Mines,” he continued, “is all the more remarkable when it is known that while this very correspondence was going on, its sidings between Phillipsville and Williamstown were full of empty cars, and when it is also known that the Pequot Coal Company was working on full time and shipping to New York City, alone, one hundred and fifty cars of coal a day.”

“We had contracts with the railroad,” snapped Loring. “We forced them to provide for us.”

“So had the Sanborn Company contracts, Mr. Loring,” said Gallatin.

“Really!” sneered Loring.

[315]

Tooker quickly abstracted a paper from a sheaf and handed it to Gallatin.

“Read for yourself.”

The sneer on Loring’s lips faded, and his eyes opened wider as he read. It was not a copy, but the contract itself.

“I have also a volume of evidence about the empty cars which verifies my statement. Would you care to look over it?”

“No. Go on,” growled Loring.

“Gentlemen,” Gallatin went on, enunciating his words with great distinctness. “This was discrimination—of a kind which at this time is not popular with the Government of the United States.”

“But if you’ll permit me, Mr. Gallatin,” Leuppold’s suave voice broke in, “what has this to do with the Sanborn injunction suit? And how can my client be held in any way responsible for the action of the Lehigh and Pottsville Railroad Company for its failure to fulfill its contracts to the Sanborn Company?”

Gallatin raised a protesting hand.

“I’m coming to that, Mr. Leuppold. In a moment, sir. The conditions I have already mentioned have forced the Sanborn Company practically to shut down. Coal is being mined and a few cars a day are shipped, but, as you gentlemen are well aware, dividends have been passed for two years and the value of the stock has depreciated. This much for the conditions which have caused that depreciation. The Pequot Coal Company, taking advantage of the low market value of the shares, has made an offer for the property—an offer, gentlemen, which as you both know, represents not one-twentieth of the Sanborn Company’s holdings.”

“I can’t agree with that,” put in Leuppold quickly.[316] “It was a fair offer, accepted by the Board of Directors of the Sanborn Company, Mr. Sanborn alone dissenting.”

Gallatin arose and picked up a package wrapped in rubber bands.

“I’m ready to talk about that Board of Directors now, Mr. Leuppold,” he said quietly, with his eyes on Loring’s face, “and I’m also ready to talk about the Board of Directors of the Lehigh and Pottsville Railroad Company.”

Henry K. Loring’s expression was immovable, but Mr. Leuppold’s fingers were already at his watch-fob.

“I’m going to lay my hand on the table, gentlemen,” Gallatin went on with a quiet laugh. “I’m going to show you all my cards and let them play themselves. I’m going to prove to you so clearly that you can’t doubt the accuracy of my information or the character of my evidence that I am aware that Henry K. Loring has at the present time not only the control of the stock of the Sanborn Mining Company, but that he also controls a voting majority of the stock of the Lehigh and Pottsville Railroad Company.”

Leuppold laughed outright.

“Absurd, sir. Your statemen............