At the moment Henderson’s private secretary entered and laid on the table the card of Mr. John Hopper, who was invited to come in at once.  Mr. Hopper was a man of fifty, with iron-gray hair, a heavy mustache, and a smooth-shaven chin that showed resolution.  In dress and manner his appearance was that of the shrewd city capitalist—­quiet and determined, who is neither to be deceived nor bullied.  With a courteous greeting to both the men, whom he knew well, he took a seat and stated his business.

“I have called to see you, Mr. Henderson, about the bonds of the A. and B., and I am glad to find Mr. Hollowell here also.”

“What amount do you represent, Mr. Hopper?” asked Henderson.

“With my own and my friends’, altogether, rising a million.  What do you propose?”

“You got our circular?”

“Yes, and we don’t accept the terms.”

“I’m sorry.  It is the best that we could do.”

“That is, the best you would do!”

“Pardon me, Mr. Hopper, the best we could do under the circumstances.  We gave you your option, to scale down on a fair estimate of the earnings of the short line (the A. and B.), or to surrender your local bonds and take new ones covering the whole consolidation, or, as is of course in your discretion, to hold on and take the chances.”

“Which your operations have practically destroyed.”

“Not at all, Mr. Hopper.  We offer you a much better security on the whole system instead of a local road.”

“And you mean to tell me, Mr. Henderson, that it is for our advantage to exchange a seven per cent. bond on a road that has always paid its interest promptly, for a four and a half on a system that is manipulated nobody knows how?  I tell you, gentlemen, that it looks to outsiders as if there was crookedness somewhere.”

“That is a rather rough charge, Mr. Hopper,” said Henderson, with a smile.

“But we are to understand that if we do not accept your terms, it’s a freeze-out?”

“You are to understand that we want to make the best arrangement possible for all parties in interest.”

“How some of those interests were acquired may be a question for the courts,” replied Mr. Hopper, resolutely.  “When we put our money in good seven per cent. bonds, we propose to inquire into the right of anybody to demand that we shall exchange them for four and a half per cents. on other security.”

“Perfectly right, Mr. Hopper,” said Henderson, with imperturbable good-humor; “the transfer books are open to your inspection.”

“Well, we prefer to hold on to our bonds.”

“And wait for your interest,” interposed Hollowell.

Mr. Hopper turned to the speaker.  “And while we are waiting we propose to inquire what has become of the surplus of the A. and B. The bondholders had the first claim on the entire property.”