is a foreign crowd throughout in reality, and back of them they
have about all the money that's loose in London, Paris and Berlin.
The W.C. & A. spent a lot of money at the state capital, I guess,
for it was common report that some of the members of the legislature
had sold out to the foreign crowd. So, though public clamor carried
our charter through the legislature by sheer force, the best concession
we could get was that our road must be built and in operation
over the entire length by September 30th, or the state has the
privilege of taking over our road at an appraised value. Do you
see what that means?"

"Does it mean that the state would then turn around and sell this
road to the W.C. & A. at a good profit?" asked Reade.

"You've hit it," nodded Mr. Blaisdell. "The W.C. & A. would be
delighted to take over our road at a price paid to the state that
would give Colorado quite a few millions in profits. The legislature
would then have a chance to spend those millions on public improvements
in the state. I think you will understand why public clamor now
seems to have swung about in favor of the W.C.& A."

"Yet it seems to me," put in Harry, "that, even if the S.B. & L.
does fail to get the railroad through in time, the stockholders
will get their money back when the state takes the road over."

"That, one can never count on," retorted Blaisdell, shaking his
head. "The state courts would have charge of the appraising of
the value of the road, and one can never tell just what courts
will award. Ten chances to one the appraisal wouldn't cover more
than fifty per cent. of what the S.B. & L. has expended, and