"We are mortgaged now to the limit, and our floating indebtedness is
very large; on the face of things and according to the Colonel's very
correct inside information, we're helpless; and unless the lumber-
market stiffens very materially this year, by the time our hauling-
contract with Pennington's road expires, we'll be back where we were
yesterday before we sold the Giants. Pennington regards that hundred
thousand as get-away money for us. So, all things considered, the
Colonel, will be slow to suspect us of having an ace in the hole; but
by jinks we have it, and we're going to play it."
"No," said Bryce, "we're going to let somebody else play it for us.
The point you make--to wit, that we must remain absolutely in the
background--is well taken."
"Very well," agreed the old man. "Now let us proceed to the next
point. You must engage some reliable engineer to look over the
proposed route of the road and give us an estimate of the cost of
construction."
"For the sake of argument we will consider that done, and that the
estimate comes within the scope of the sum Gregory is willing to
advance us."
"Your third step, then, will be to incorporate a railroad company
under the laws of the State of California."
"I think I'll favour the fair State of New Jersey with our trade,"
Bryce suggested dryly.
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