“Bless me!  What do you mean?”

His caller laughed.  “I see you haven’t.  I don’t think you will, either, after you’ve talked with me.”

Without the tremor of an eyelash Illis exclaimed: 

“My word!  What are you driving at?”

“That agreement over freight rates, of course.”

The Briton eyed him for a moment, then carefully closed the door leading from his sitting-room, and, seating himself, lit a cigar.

“What do you know about that matter?” he asked, quietly.

“About all there is to know—­enough, at least, to appreciate your feelings.”

“I flattered myself that my affairs were private.  Where did you get your information?”

“I’ll tell you if you insist, although I’d rather not.  There’s no danger of its becoming public.”

Illis showed his relief.  “I’m glad.  You gave me a start.  Rotten fix for a man to be in.  Why, I’m here under an assumed name!  Fancy!  But—­” he waved his hand in a gesture which showed his acceptance of the inevitable.

“You haven’t made your new agreement?”

“I’m to meet Blum and Capron to-morrow.”

“Why didn’t you take the S. R.& N. when I cabled you last month?”

“I couldn’t.  But what has that to do with the matter?”

“Don’t you see?  It’s so plain to me that I can’t understand how you failed to realize the value—­the necessity of buying my road.”

“Explain, please.”

“Gladly.  The North Pass & Yukon is paying a fabulous blackmail to the river-lines to escape a ruinous rate war.”

“Right!  It’s blackmail, as you say.”  “Under the present agreement you handle the Dawson freight and keep out of the lower river; they take the whole Tanana valley and lower Yukon.”

“Correct.”

“Didn’t it occur to you that the S.R.& N., which starts four hundred miles west of the North Pass and taps the Tanana valley, can be used to put the river steamers of that section out of business?”

“Let’s have a look at the map.”  Mr. Illis hurried into an adjoining room and returned with a huge chart which he unrolled upon the table.  “To tell you the truth, I never looked at the proposition from that angle.  Our people were afraid of those glaciers and the competition of the Copper Trust.  They’re disgusted, too, with our treatment.”

“The Trust is eliminated.  Kyak harbor is wiped off the map, and I’m alone in the field.”

“How about this fellow Gordon?”

“He’ll be broke in a year.  Incidentally, that’s my trouble.”

“But I’m told you can’t pass the glaciers.”

“I can.  Parker says he’ll have the bridge done by spring.”

“Then I’d bank on it.  I’d believe Parker if I knew he was lying.  If you both agree, I haven’t the slightest doubt.”