it was with a strange sense of detachment that andrew attended the first meeting of the shareholders in the rain bluff mine. he had thought of the event with great anxiety, made numerous plans and abandoned them, and now he had come, in a sense, unprepared, determined to submit two general propositions and let the shareholders decide for themselves. ignorant of the usual mode of procedure at such meetings, he had consulted nobody better informed, and realized that he might be ruled out of order or shouted down; but he was sensible of a coolness that somewhat surprised him.

the room hired for the occasion was large and handsome, with a floor of inlaid hardwood, frescoed walls and lofty roof. it had something of the look of a chapel. at one end a group of well-groomed frock-coated directors were seated at a fine oak table, with the company's secretary behind an array of books and papers. all that the eye rested on suggested stable prosperity, for leonard knew the effect that imposing surroundings had on the small provincial investor. it would be difficult for inexperienced and unorganized malcontents to disregard the air of severe formality which he meant to cast over the proceedings.

andrew missed nothing as he entered. to face a crisis had a steadying effect on him, and his manner was very tranquil as he walked up the long room.

[pg 329]carefully scanning the assembled shareholders, he surmised from their dress and appearance that a number of them were people of small means from country towns. there were a few women, who looked nervous, as if they felt themselves out of place. he was surprised to see gertrude and mrs. fenwood; and then as his glance roved farther he caught sight of wannop, who gave him an encouraging grin. robert allinson was nearby, looking unusually grave; but murray caught andrew's eye and smiled. on the whole, he was glad that he had made no attempt to win over his relatives since his return: it was better that they should judge and vote like the rest of the shareholders. then as he took his place he looked at his fellow-directors, whom he had not seen since his futile interviews. they wore an air of staid formality, and he suspected that before the meeting was finished they would regard him as a traitor to his class; but that did not matter. he had given them their opportunity and they would not seize it. leonard, dressed with fastidious taste, looked, as usual, suave and well-bred, but the quick glance he gave andrew seemed to hint at anxiety.

he made a short speech, calculated to reassure, but containing very little definite information. his audience listened in an apathetic manner, and it struck andrew that a curious, matter-of-fact dullness characterized the proceedings. leonard stated that the business of the meeting was to adopt the report and elect new members of the board in place of those who retired, though they were, he added, eligible for re-election. then there was a discordant note, for a short man in badly cut clothes, with spectacles and upstanding red hair, rose in the body of the hall.

"i take it that our chairman has made an error," he[pg 330] said. "our business is to consider the report; not necessarily to adopt it."

"that is correct," said leonard, smiling. "we invite your best consideration. i will now ask the secretary to read the document."

the secretary did so in a monotonous voice, as if it were a matter which must be got through with out of respect to custom, and andrew felt that it would be a bold shareholder who ventured to disturb the tranquillity of the meeting. moreover, he recognized the cleverness of the report. it said a good deal that was not to the point and avoided every loophole for adverse criticism. there was only one weak spot—no dividend was declared, though it was hinted that a satisfactory profit might be anticipated when the company's property had been further developed.

somebody proposed that it be adopted, a seconder appeared; and then, while andrew felt that his time to speak had come, the short man with the red hair got up again.

"i move as an amendment that the report be held over until we are supplied with more details," he said. "what i want to know is—why there is no dividend, and when we may expect one?"

one or two of the directors looked supercilious, the others amused, and leonard smiled indulgently. he was used to dealing with objectors.

"the question," he explained, "is complicated, but i think we have answered it already. i may add that it is unreasonable to expect a dividend on the first year's operations. preliminary expenses are large, and a mine is not like a factory. the ground must, so to speak, be cleared before you can get to work. headings must[pg 331] be driven and timbered, pumps and machines of various kinds have to be put up."

"were you ever in a mine?" the red-haired man interrupted amid some laughter.

"i hardly think that is to the point," leonard answered lightly. "though i must admit that i have not been down a shaft, i have a knowledge of the commercial side of the subject, which is all that concerns me."

"so i thought!" exclaimed the other. "you can't know much about your work unless you have put up pitprops and used the pick. now the chairman of a mining company ought——"

he was interrupted by cries of "sit down!" and some ironical encouragement, and leonard frowned. it might be dangerous to allow the meeting to get out of hand, and this troublesome fellow was giving andrew, of whom he was half afraid, his opportunity.

"may i inquire whether the gentleman is a practical miner himself?" one of the directors interposed.

"i was, when i was young. now i keep a shop and deal with pitmen. but i came here expecting to be told about a dividend. i put three hundred pounds into the company, because lawyer jesmond said one could rely on anything that was started by allinson's. the money wasn't easily saved, but there was no opening in my business—what with the co-operatives cutting into a small man's trade——"

"that's enough!" said somebody; and there was a shout of "don't waste our time!" but the shopkeeper sturdily stood his ground.

"i'm not here for myself alone," he resumed. "i came up, by excursion, to speak for other people in our town. jesmond did their business, and he said——"

[pg 332]there was loud interruption. the meeting was getting unruly, but wannop's voice broke through the uproar:

"go on, man!"

"i mean to," replied the speaker calmly. "what's more, i have signed proxies in my pocket to be filled up as i think fit."

"it's doubtful how far that's in order," the secretary objected.

"let him fill them up by all means!" exclaimed a stockjobber ironically. "if all his friends gave him proxies, they wouldn't count for much! there are individual holders present whose votes——"

he broke off at a touch from a neighbor, and andrew cast a keen glance at the quieter portion of the audience. it was composed of city men who seemed inclined to support the directors. they were, perhaps, not satisfied with the report, for several had been whispering together; but andrew thought they would prefer to avoid a disturbance and disclosures that might injure the company. if the meeting could be got through safely, they could afterward sell out at once and cut their loss. andrew's sympathies, however, were strongly with such investors as the determined shopkeeper. he could imagine the patient drudgery and careful frugality which had enabled them to buy their shares.

"i must ask the gentleman to find a seconder for his motion," leonard broke in.

there was a pause and the shopkeeper looked eagerly round the hall, where he seemed to have no friends. then andrew got up and quietly faced the assembly.

"i second the amendment," he said.

a murmur of astonishment greeted the speech.

"a director!" exclaimed somebody, and a whisper[pg 333] ran through the hall. "mr. allinson—the company's agent in canada!"

deep silence followed, and andrew saw that every eye was fixed on him. he was acting against all precedent—opposing his colleagues on the board, who were, in a manner, entitled to his support.

"i suppose i'm taking an unusual line in offering the gentleman who has been speaking information which the chairman has refused him," he said. "he asked when he might expect a dividend. the answer is—never, unless a radical change is made in the company's policy."

the plain words made a sensation, and after an impressive pause an uproar began.

"what about the prospectus with your name on it?"

"what changes would you make?"

"keep quiet and let him speak!"

"no, it's a case of collusion; there's some trick in it!"

the meeting raged confusedly until leonard got up. he looked shaken by the storm of indignation.

"order, gentlemen! there is a motion before you."

"the amendment first!" somebody shouted.

"the amendment," said leonard. "a show of hands will serve. 'that the report be held over, pending the furnishing of further details.'"

the audience appeared to be unanimous as the hands went up, and leonard sought to turn the matter to his advantage.

"carried," he said. "we will now adjourn the meeting until the information which is asked for can be supplied."

"that," andrew stated firmly, "is not needful. i can give now an accurate outline of the company's position."

[pg 334]the secretary protested that this was informal and one of the directors requested leonard to rule it out of order; but the meeting had got beyond the chairman's control. there were poor men present who thought they had lost their all, as well as rich men who believed they had been deceived, and leonard's words were greeted with angry clamor.

murray jumped to his feet.

"i suggest that we hear mr. allinson. we will learn the truth from him!" he said.

"let him speak!" shouted some one.

andrew, standing very still and intent of face, raised his hand and the turmoil ceased.

"i ask your attention. first, i must show you the worst of things, as i learned it on the spot in canada. the mine is threatened with inundation, which can be prevented only by the use of powerful pumping machinery; the rock is unusually broken up and faulty, which necessitates expensive timbering and impedes the work. these difficulties, however, need not be enlarged upon, because, if the quality of the ore justified it, they could be overcome. instead, i will tell you roughly how much capital we have expended, the quantity of ore raised, the cost of its extraction, and the value of the yield in refined metal."

he quoted from his notebook, and there was a strange quietness as he proceeded:

"though the figures might be challenged and slightly modified by experts, the conclusion is inevitable—the ore turned out at the rain bluff can pay only a small interest on the cost of labor. the capital spent in acquiring the mine has irretrievably gone."

then the storm broke. questions, reproaches and[pg 335] insulting epithets were hurled at the directors, some of whom tried to smile forbearingly, while others grew red, and leonard sat grim and silent with his hand clenched. andrew waited unmoved, and seized on a pause to continue:

"there is every reason to believe that your directors acted, as they thought, in your interests, but they have been misled."

"so have we!" exclaimed a furious investor.

"i'm afraid that's true," andrew agreed. "it's an important point, but i must ask you to consider the remedies. in the first place, i will, if necessary, redeem every rain bluff share which has been allotted; that is, my brokers will buy up all that are brought to them."

he was heard with astonishment. some of those present knew a good deal about commercial companies, but that a director of one should make such an offer was unprecedented in their experience. on the surface, it was surprisingly fair, but they suspected a trick.

"at what price?" cried one. "the shares will fall to a few shillings as soon as the truth about the mine is known."

"at par," said andrew. "you will be returned every penny you have paid in."

it was obvious that the greater part of his audience did not know what to make of this. that he should be in earnest scarcely seemed possible, as his offer seemed the extremity of rashness. no one spoke for a moment or two; and then robert allinson rose.

"if any guarantee is needed, i shall be glad to supply it, so far as my means allow. my name is allinson, a member of the family controlling the firm which promoted this company. i may perhaps remark[pg 336] without undue pride that it is a point of honor with allinson's to keep its promises."

"bravo, bob!" cried a loud, hearty voice.

"i think," said robert, in a tone of grave rebuke, "that is not altogether seemly at a public meeting."

wannop got up with a laugh in which a number of the listeners joined.

"and i am prepared to back my relative, andrew allinson, to my last shilling—in which mrs. wannop joins me. between us we hold a good deal of stock."

there was applause mixed with expressions of relief, but some still suspected knavery.

"what is mr. allinson's object?" a man blurted out. "what does he expect to gain?"

andrew flushed, but answered quietly.

"if you close with my offer, i shall undoubtedly benefit; but i do not urge you to do so. listen to the alternative, and then decide. but i must ask for patience while i tell you the story of another mine."

"as chairman, i must raise a point of order," leonard objected; but they silenced him with shouts, and he sat down, baffled, knowing that the game was up.

"go on!" they ordered andrew, and with a steady voice he began to tell them of graham's discovery of the lode.

he paused once or twice, but they encouraged him, and as he proceeded nobody felt that the narrative was out of place. a few, indeed, forgot what they had come for and listened with a sense of romance and high adventure, while he told them of the sawmill clerk's steadfast, long-deferred purpose. here and there women who had been keenly anxious a few minutes earlier watched him with fixed, sympathizing eyes,[pg 337] and andrew, cheered by the close attention, was conscious of a new power. he could hold these people, and take them with him into the frozen wilds.

they followed the march of the starving men across the northern snow, saw them blasting icy rocks, and searching with desperate eagerness for the food caches. then, as he told of the hard-won triumph, when the vein was at last disclosed, a hoarse murmur that had something of a cheer in it filled the room. it was forced upon those who had doubted him that they were listening to an exceptional man, who had borne and done things that needed the staunchest courage, for honor and not for gain.

"now," he said with an abrupt change of tone, "i have told you how we found the graham lode, on which three of the richest claims have been contracted to me. let me read you the reports of different assayers to whom i submitted specimens." he did so, and added: "the original documents are here; you may examine and pass them round. but i must get on. these claims are mine, though my right to them might be contested by the directors of this company—the cost of finding and proving them has been borne by myself—but, if you agree to their development and the abandoning of the rain bluff, i propose to hand them over as your property."

there was confused applause, in the midst of which leonard rose.

"in face of the want of confidence you have shown in us and the extraordinary course mr. allinson has taken, my colleagues and i feel compelled to resign in a body."

"let them go! we're well rid of them!" exclaimed the shopkeeper. "you don't join them?" he said anxiously to andrew.

[pg 338]"i had better do so and offer myself for re-election."

"then i have much pleasure in proposing mr. allinson," said murray. "i should like to mention that i remained a shareholder in this company because i preferred his bare word to the strong recommendations of experienced stockjobbing friends."

several men rose to second him, and when every hand went up amidst a burst of applause, andrew said with some emotion:

"thank you for this mark of trust. my first offer stands—anybody anxious to have his shares redeemed at par need only apply to my brokers, whose address is here." he laid an envelope on the table in sight of all.

"we'll go on with the election," resumed the shopkeeper. "with the permission of the meeting, i'll ask mr. allinson whom he'd like to have on the board."

andrew smiled.

"you're giving up your rights and offering me a very unusual privilege."

"never mind that," rejoined a stockjobber dryly. "these proceedings have been remarkably unusual from the start. in fact, i imagine we have reached the limit of irregularity for a company meeting. for all that, i support our spokesman's plucky offer."

"very well," said andrew. "i would suggest the nomination of three of your previous directors. i believe they would serve you well, and their appointment might act as a judicious check on me."

the gentlemen he named looked irresolute and somewhat embarrassed, but after a word or two with him they expressed their willingness to serve. they were elected without dissent, and then robert allinson stood up.

[pg 339]"i have pleasure in proposing mr. antony wannop, who is a large shareholder and mr. allinson's brother-in-law. though i may be prejudiced, i feel that i may say that your interest may safely be trusted to the allinson family."

"after what we have heard here, that is an opinion with which i heartily agree," a man at the back declared. "none of us can doubt that allinson is a justly respected name."

wannop was chosen and several more; and then a man got up.

"if it's necessary to hold an adjourned meeting, it will be attended as a matter of form," he said. "i propose that we instruct mr. allinson to push on with the development of the new lode as fast as possible, giving him, with confidence, full authority to do what he thinks fit."

though the secretary tried to point out that the board must act as a body, the proposal was carried with acclamation, and as the meeting broke up andrew leaned forward rather heavily on the big oak table. he was filled with confused emotions and the strain had told on him. when he looked up the room was almost empty and leonard had gone, but the reappointed directors whom he had suggested remained.

"we have something to regret," said one awkwardly. "it's unfortunate we didn't quite grasp your intentions. we feel that although you took us unprepared, you have treated us with exceptional fairness."

"you may remember that you wouldn't listen when i tried to explain matters," andrew answered with a twinkle in his eyes. "however, your greater experience should be valuable to me and i've no doubt we'll get on well in future."

[pg 340]after a few cordial words they withdrew, and one of them turned to his companion.

"though i'm glad we rejoined, i dare say you noticed the personal tone he took. it's clear that he expects us to play second fiddle."

"well, after all, allinson has shown that he's capable of leading the tune."

when they had gone wannop came up to andrew.

"it's a compliment when i tell you i wasn't a bit surprised," he said. "i'd expected something of the kind from you. the allinson strain showed up well to-day. you got hold of them and swept them off their feet. robert, too, proved himself a brick; but he's waiting in the passage and we must try to shunt him. he'll lecture me on my new duties and i want a big, long drink. in fact, half a dozen would be better."

andrew laughed, and they went out, wannop talking excitedly.