spider marching with diabolical intent on a wretched fly that had become entangled in its web.  And as the secretary ambled monotonously on, Ryder watched and watched until he saw the spider seize its helpless prey and devour it.  Fascinated by the spectacle, which doubtless suggested to him some analogy to his own methods, Ryder sat motionless, his eyes fastened on the ceiling, until the sudden stopping of the secretary’s reading aroused him and told him that the minutes were finished.  Quickly they were approved, and the chairman proceeded as rapidly as possible with the regular business routine.  That disposed of, the meeting was ready for the chief business of the day.  Ryder then calmly proceeded to present the facts in the case.

Some years back the road had acquired as an investment some thousands of acres of land located in the outskirts of Auburndale, on the line of their road.  The land was bought cheap, and there had been some talk of laying part of it out as a public park.  This promise had been made at the time in good faith, but it was no condition of the sale.  If, afterwards, owing to the rise in the value of real estate, the road found it impossible to carry out the original idea, surely they were masters of their own property!  The people of Auburndale thought differently and, goaded on by the local newspapers, had begun action in the courts to restrain the road from diverting the land from its alleged original purpose.  They had succeeded in getting the injunction, but the road had fought it tooth and nail, and finally carried it to the Supreme Court, where Judge Rossmore, after reserving his opinion, had finally sustained the injunction and decided against the railroad.  That was the situation, and he would now like to hear from the members of the board.

Mr. Grimsby rose.  Self-confident and noisily loquacious, as most men of his class are in simple conversation, he was plainly intimidated at speaking before such a crowd.  He did not know where to look nor what to do with his hands, and he shuffled uneasily on his feet, while streams of nervous perspiration ran down his fat face, which he mopped repeatedly with a big coloured handkerchief.  At last, taking courage, he began: 

“Mr. Chairman, for the past ten years this road has made bigger earnings in proportion to its carrying capacity than any other railroad in the United States.  We have had fewer accidents, less injury to rolling stock, less litigation and bigger dividends.  The road has been well managed and”—­here he looked significantly in Ryder’s direction—­“there has been a big brain behind the manager.  We owe you that credit, Mr. Ryder!”

Cries of “Hear!  Hear!” came from all round the table.