At two o'clock Warry Raridan sat on a table in the United States court room, kicking his heels together and smoking a cigarette. A number of reporters stood about; the ex-president, the secretary and the treasurer of the Clarkson Traction Company loafed within the space set apart for attorneys and played with their hats. The court was sitting in chambers, and those who waited knew that in the judge's private room something was happening. The clerk came out presently with his hands full of papers and affixed the official file mark to them. Raridan was waiting for Fenton and Saxton and when they appeared together, he went across the room to meet them.

"How is it?" he asked.

"It's all right," said Fenton. "Saxton has been appointed, pending a hearing of the case on its merits, which can't be had until Mr. Porter is out again."

"I knew it was coming," said Raridan, in a low tone to Saxton, "so I came up to say that I'm glad you're recognized by the powers."

"But it's only temporary," said John. "The little interest I represent wouldn't justify it, of course. I'm still dazed that Fenton should have urged my appointment on the court."

"What I'm here for is to go on your bond, old man."

"But Fenton has fixed that,—some of the bank directors."

"All right, John."

Saxton was walking away, but he turned back. Something had gone amiss with Raridan. Several times in their friendship Saxton had unconsciously offended him. He saw that Warry was really hurt now.

"I appreciate it, Warry, and it's like you to offer; of course I'd be glad to have you."

"Well, I hoped I was as good as those other fellows," said Raridan, more cheerfully; and he went to the clerk's desk and signed the bond.

Margrave came out now with his lawyer, and they were joined by Margrave's allies of the morning. Margrave stopped to give the reporters his side of the story. He assured them that this was merely a contest between two interests for the control of the Traction Company. There had been a misunderstanding, and until the differences between the two factions of stockholders could be reconciled, the business of the company would be managed by a receiver, who was, he said, "friendly to all parties." The fact was that he had objected strenuously to Saxton's appointment, but Fenton had insisted on it and the court had paid a good deal of attention to what Fenton said. Margrave made much to the reporters of his own election to the presidency, and intimated to them that the receiver would soon be discharged and that he would assume the active management of affairs.

The papers that had been filed in the case disclosed a somewhat different situation, which was fully laid before the public, greatly to its surprise. It appeared that William Porter owned all the bonds of the company, and only narrowly missed the stock control. The situation was thoroughly interesting. A contention between Porter and Margrave was novel in the history of Clarkson and the press made the most of it. The Gazette, Margrave's paper, proved him to be wholly in the right, and cited the summary action of the court in appointing an inexperienced man to the receivership as another proof of the brutal abuse of power by federal courts.

Margrave had put none of his own money into Traction stock, but had invested funds belonging to the stockholders of the Transcontinental, who had every confidence in his sagacity, and who trusted him implicitly. He advised them of the receivership in terms which led them to believe that he had brought it about as a part of his own plans. He maintained an air of mystery and winked knowingly at friends who joked him about the little coup by which Porter, though sick in bed, had, as they said, "cleaned him up." He told those who flattered him by twitting him on this score that he guessed Tim Margrave hadn't lost his grip yet, and that before he was knocked out, the place of eternal damnation would have been transformed into a skating rink.