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The other's face hardened. “Oh, well,” he said, “if that's the way you put it—”

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“That's not the way I put it!” said Montague. “That is simply the fact.”

“But,” cried the other, “don't you realise that they have a majority, even without me?”

“Perhaps they have,” said Montague; “but that is no reason why you should not do what is right.”

Curtiss arose. “There is nothing more to be said,” he remarked. “I am sorry you take it that way. I tried to do you a service.”

“I appreciate that,” said Montague, promptly. “For that I shall always be obliged to you.”

“In this fight that you propose to make,” said the other, “you must not forget that it is I who have brought you this information—”

“Do not trouble about that,” said Montague; “I will protect you. No one shall ever know that I had the information.”

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Montague spent a half an hour pacing up and down his office in thought. Then he called his stenographer, and dictated a letter to his cousin, Mr. Lee, and to each of the three other persons whom he had approached in relation to their votes at the stockholders' meeting. “Certain matters have developed,” he wrote, “in connection with the affairs of the Northern Mississippi Railroad, which make me unwilling to accept the position of president. It is also my intention to resign from the board of directors of the road, in which I find myself powerless to prevent the things of which I disapprove.”

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And then he went on to outline the plan which he intended to carry out, explaining that he offered to those whom he had been the means of influencing, the opportunity to go in with him upon equal terms. He requested them to communicate their decisions by telegraph; and two days later he had heard from them all, and was ready for business.

He called up Stanley Ryder, and made an appointment for an interview.

“Mr. Ryder,” he said, “a few weeks ago you talked with me in this office, and asked me to assist you in electing your ticket for the Northern Mississippi Railroad. You said that you wished me to become president of the road, and that the reason for the request was that you wanted a man whom you could depend upon for efficient and honest management. I accepted your offer in good faith; and I have made all arrangements, and put in a great deal of hard work at the task of fitting myself for the position. Now I have learned from Mr. Price's own lips that he has organised a company for the purpose of exploiting the road for his own private benefit. I told him that I was unwilling to stand for anything of the sort. Since then I have been thinking the matter over, and I have concluded that this situation will make it impossible for me to cooperate with Mr. Price. I have concluded, therefore, that it would be best for me to resign my position as a member of the board of directors, and also to withdraw my candidacy as president.”

Ryder had avoided Montague's gaze; he sat staring in front of him, and tapping nervously with a pencil upon his desk. It was some time before he answered.

“Mr. Montague,” he said, finally, “I am very sorry indeed to hear your decision. But taking all the circumstances into consideration, it seems to me that perhaps it is a wise one.”