III

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      For a full minute Philip paced back and forth without speaking. Then he stopped, and faced Gregson, who was staring at him.

      "A million, Greggy," he repeated, in the same soft voice. "A hundred thousand dollars to my credit—in a First National Bank! While I was up here hustling to get affairs on a working basis, eager to show the government and the people what we could do and would do, triumphing in our victory over the trust, and figuring each day on my scheme of making this big, rich north deal a staggering blow to those accursed combinations down there, they were at work, too. While I was dreaming and doing these things, Brokaw and the others had formed the Great Northern Fish and Development Company, had incorporated it under the laws of New Jersey, and had already sold over a million dollars' worth of stock! The thing was in full swing when I reached headquarters. I had authorized Brokaw to act for me, and I found that I was vice-president of one of the biggest legalized robbery combinations of recent years. More money had been spent in advertising than in development work. Hundreds of thousands of copies of my letters from the north, filled to the brim with the enthusiasm I had felt for my work and projects, had been sent out broadcast, luring buyers of stock. In one of these letters I had said that if a half of the lakes I had mapped out were fished the north could be made to produce a million tons of fish a year. Two hundred thousand copies of this letter were sent out, but Brokaw and his associates had omitted the words, 'If a half of the lakes mapped out were fished.' It would take fifteen thousand men, a thousand refrigerator cars, and a capital of five million to bring this about. I was stunned by the enormity of their fraud, and yet when I threatened to bring the whole thing to smash Brokaw only laughed and pointed out that not a single caution had been omitted. In all of the advertising it was frankly stated that our license was provisional, subject to withdrawal if the company did not keep within laws. That very frankness was an advertisement. It was something different. It struck home where it was meant to strike—among small and unfledged investors. It roped them in by thousands. The shares were ten dollars each, and non-assessable. Five out of six orders were from one to five shares; ninety-nine out of every hundred were not above ten shares. It was damnable. The very people for whom I wanted the north to fight had been humbugged to the tune of a million and a quarter dollars. Within a year Brokaw and the others had floated a scheme which was worse than any trust, for the trusts pay back a part of their steals in dividends. And I was responsible! Do you realize that, Greggy? It was I who started the project. It was my reports from the north which chiefly induced people to buy. And this company—a company of robbers licensed under the law—I am its founder and its vice-president!"

      Philip dropped back into his chair. The face that he turned to Gregson was damp with perspiration, though the room was chilly.

      "You stayed in," said Gregson.

      "I had to. There wasn't a loophole left open to me. There wasn't a single point at which I could bring attack against Brokaw and the others. They were six veritable Bismarcks of deviltry and shrewdness. They hadn't over-stepped the law. They had sold a million and a quarter of stock on a hundred-thousand-dollar investment, but Brokaw only laughed when I raged at this. 'Why, Philip,' he said, 'we value our license alone at over a million!' And there was no law which could prevent them from placing that value upon it, or more. There was one thing that I could do—and only one. I could resign, decline to accept my stock and the hundred thousand, and publicly announce why I had broken off my connections with the company. I was about to do this when cooler judgment prevailed. It occurred to me that there would have to be an accounting. The company might sell a million and a quarter of stock—but in the end there would have to be an accounting. If I was out of the game it would be easily made. If I was in—well, do you see, Greggy? There was still a chance of making the company win out as a legitimate enterprise, even though it began under the black flag of piratical finance and fraud. Brokaw and the others were astonished at the stand I took. It was like throwing a big, ripe plum into the fire Brokaw was the first to hedge. He came over to my side in a private interview which we had, and for the first time I convinced him completely of the tremendous possibilities before us. To my surprise he began to show actual enthusiasm in my favor. We figured out how the company, if properly developed, could be made to pay a dividend of fifty cents a share on the stock issued within two years. This, I thought, would be at least a partial return of the original steal. Brokaw worked the thing through in his own way. He was authorized to vote for one of the directors, who was in Europe, and he won over two of the others. As a consequence we voted all of the money in the treasury, nearly six hundred thousand dollars, and the remainder of the stock that was on the market, for development purposes. Brokaw then made the proposition that the company buy up any interest that wished to withdraw. The two M. P.'s and a professional promoter from Toronto immediately sold out at fifty thousand each. With their original hundred thousand these three retired with an aggregate steal of nearly half a million. Pretty good work for yours truly, eh, Greggy! Good Heaven, think of it! I started out to strike a blow, to launch a gigantic project for the people, and this was what I had hatched! Robbery, bribery, fraud—"

      He paused, his hands clenched until the blue veins stood out on them like whipcords.

      "And—"

      Gregson spoke, uneasily.

      "And what?"

      Philip's fingers relaxed their grip on the table.

      "If that had been all, I wouldn't have called you up here," he continued. "I've taken a long time in coming down to the real hell of the affair, because I wanted you to understand the situation from the beginning. After I left Brokaw I came north again. I possessed all the funds necessary to make an honest working organization out of the Northern Fish and Development Company. I hired two hundred additional men, added twenty new fishing-stations, began a second road-bed to the main line, and started a huge dam at Blind Indian Lake. We had thirty horses, driven up through the wilderness from Le Pas, and twenty teams on the way. There didn't appear to be an important obstacle in the path of our success,