The affairs of the Traction Company proved to be in a wretched tangle. Saxton employed an expert accountant to open a set of books for the company, while he gave his own immediate attention to the physical condition of the property. The company's service was a byword and a hissing in the town, and he did what he could to better it, working long hours, but enjoying the labor. It had been a sudden impulse on Fenton's part to have Saxton made receiver. In Saxton's first days at Clarkson he had taken legal advice of Fenton in matters which had already been placed in the lawyer's hands by the bank; but most of these had long been closed, and Saxton had latterly gone to Raridan for such legal assistance as he needed from time to time. Fenton had firmly intended asking Wheaton's appointment; this seemed to him perfectly natural and proper in view of Wheaton's position in the bank and his relations with Porter, which were much less confidential than even Fenton imagined.

Fenton had been disturbed to find Margrave and Wheaton together in the directors' room the night before the annual meeting of the Traction stockholders. He could imagine no business that would bring them together; and the hour and the place were not propitious for forming new alliances for the bank. Wheaton had appeared agitated as he passed out the packet of bonds and stocks; and Margrave's efforts at gaiety had only increased Fenton's suspicions. From every point of view it was unfortunate that Porter should have fallen ill just at this time; but it was, on the whole, just as well to take warning from circumstances that were even slightly suspicious, and he had decided that Wheaton should not have the receivership. He had not considered Saxton in this connection until the hour of the Traction meeting; and he had inwardly debated it until the moment of his decision at the street corner.

He had expected to supervise Saxton's acts, but the receiver had taken hold of the company's affairs with a zeal and an intelligence which surprised him. Saxton wasn't so slow as he looked, he said to the federal judge, who had accepted Saxton wholly on Fenton's recommendation. Within a fortnight Saxton had improved the service of the company to the public so markedly that the newspapers praised him. He reduced the office force to a working basis and installed a cashier who was warranted not to steal. It appeared that the motormen and conductors held their positions by paying tribute to certain minor officers, and Saxton applied heroic treatment to these abuses without ado.

The motormen and conductors grew used to the big blond in the long gray ulster who was forever swinging himself aboard the cars and asking them questions. They affectionately called him "Whiskers," for no obvious reason, and the report that Saxton had, in one of the power-houses, filled his pipe with sweepings of tobacco factories known in the trade as "Trolleyman's Special," had further endeared him to those men whose pay checks bore his name as receiver. In snow-storms the Traction Company had usually given up with only a tame struggle, but Saxton devised a new snow-plow, which he hitched to a trolley and drove with his own hand over the Traction Company's tracks.

John was cleaning out the desk of the late secretary of the company one evening while Raridan read a newspaper and waited for him. Warry was often lonely these days. Saxton was too much engrossed to find time for frivolity, and Mr. Porter's illness cut sharply in on Warry's visits to the Hill. The widow's clothes lines were tied in a hard knot in the federal court, to which he had removed them, and he was resting while he waited for the Transcontinental to exhaust its usual tactics of delay and come to trial. On Fenton's suggestion Saxton had intrusted to Raridan some matters pertaining to the receivership, and these served to carry Warry over an interval of idleness and restlessness.

"You may hang me!" said Saxton suddenly. He had that day unexpectedly come upon the long-lost stock records of the company and was now examining them. Thrust into one of the books were two canceled certificates.

"It's certainly queer," he said, as Warry went over to his desk. He spread out one of the certificates which Margrave had taken from Wheaton the night before the annual meeting. "That's certainly Wheaton's endorsement all right enough."

Raridan took off his glasses and brought his near-sighted gaze to bear critically upon the paper.

"There's no doubt about it."

"And look at this, too." Saxton handed him Evelyn Porter's certificate. Raridan examined it and Evelyn's signature on the back with greater care. He carried the paper nearer to the light, and scanned it again while Saxton watched him and smoked his pipe.

"You notice that Wheaton witnessed the signature."

Raridan nodded. Saxton, who knew his friend's moods thoroughly, saw that he was troubled.

"I can find no plausible explanation of that," said Saxton. "Anybody may be called on to witness a signature; but I can't explain this." He opened the stock record and followed the history of the two certificates from one page to another. It was clear enough that the certificates held by Evelyn Porter and James Wheaton had been merged into one, which had been made out in the name of Timothy Margrave, and dated the day before the annual meeting.

"It doesn't make much difference at present," said Saxton. "When Mr. Porter comes down town he will undoubtedly go over this whole business and he can easily explain these matters."

"It makes a lot of difference," said Warry, gloomily.

"We'd better not say anything about this just now—not even to Fenton," Saxton suggested. "I'll take these things over to my other office for safe keeping. Some one may want them badly enough to look for them."

Raridan sat down with his newspaper and pretended to be reading until Saxton was ready to go.