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The other pondered the reply. “That sounds simple,” he said. “But doesn't it mean the overthrow of Republican institutions?”

“I am afraid it would,” said Curtiss. “But what's to be done?”

There was no answer.

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“Do you know any remedy?” he persisted.

“No, I don't know any remedy,” said Montague, “but I am looking for one. And I can tell you of this, for a start; I value this Republic more than I do any business I ever got into yet; and if I come to that dilemma, it will be the business that will give way.”

Curtiss was watching him narrowly. He put his hand on his shoulder. “That's all right, old man,” he said. “But take my advice, and don't let Davenant hear you say that.”

“Why not?” asked the other.

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The younger man rose from his seat. “Here's my station,” he said. “The reason is—it might unsettle his ideas. He's a conservative Democrat, you know, and he likes to make speeches at banquets!”

IN spite of his doubts, Montague returned to his old home, and put through the programme as agreed. Just as he had anticipated, he found that he was received as a conquering hero by the holders of the Northern Mississippi stock. He talked with old Mr. Lee, his cousin, and two or three others of his old friends, and he had no difficulty in obtaining their pledges for the new ticket. They were all interested, and eager about the future of the road.

He did not have to concern himself with the new charter. Davenant drew up the bill, and he wrote that a nephew of Senator Harmon's would be able to put it through without attracting any attention. All that Montague knew was that the bill passed, and was signed by the Governor.

And then came the day of the stockholders' meeting. He attended it, presenting proxies for the stock of Ryder and Price, and nominated his ticket, greatly to the consternation of Mr. Carter, the president of the road, who had been a lifelong friend of his family's. The new board of directors was elected by the votes of nearly three-fourths of the stock, and the new stock issue was voted by the same majority. As none of the former stockholders cared to take the new stock, Montague subscribed for the whole issue in the name of Ryder and Price, and presented a certified check for the necessary deposit.

The news of these events, of course, created great excitement in the neighbourhood; also it did not pass unobserved in New York. Northern Mississippi was quoted for the first time on the “curb,” and there was quite a little trading; the stock went up nearly ten points in one day.

Montague received this information in a letter from Harry Curtiss. “You must be prepared to withstand the flatteries of the Steel crowd,” he wrote. “They will be after you before long.”

Montague judged that he would not mind facing the “Steel crowd”; but he was much troubled by an interview which he had to go through with on the day after the meeting. Old Mr. Carter came to see him, and gave him a feeble hand to shake, and sat and gazed at him with a pitiful look of unhappiness.

“Allan,” he said, “I have been president of the Northern Mississippi for fifteen years, and I have served the road faithfully and devotedly. And now—I want you to tell me—what does this mean? Am I—”

Montague could not remember a time when Mr. Carter had not been a visitor at his father's home, and it was painful to see him in his helplessness. But there was nothing that could be done about it; he set his lips together.

“I am very sorry, Mr. Garter,” he said; “but I am not at liberty to say a word to you about the plans of my clients.”

“Am I to understand, then, that I am to be turned out of my position? I am to have no consideration for all that I have done? Surely—”

“I am very sorry,” Montague said again, firmly,—“but the circumstances at the present time are such that I must ask you to excuse me from discussing the matter in any way.”