for a small government to finance; it is well known that Graustark owns
and controls her public utility institutions. The road, now about half
completed, was to be nearly two hundred miles in length, fully
two-thirds of which was on Graustark territory. The preponderance of
cost of construction fell upon that principality, Dawsbergen and Axphain
escaping with comparatively small obligations owing to the fact that
they had few mountains to contend with. As a matter of fact, the
Dawsbergen and Axphain ends of the railroad were now virtually built and
waiting for the completion of the extensive work in the Graustark
highlands.

The opening of this narrative finds the ministry preparing to float a
new five million gavvo issue of bonds for construction and equipment
purposes. Agents of the government were ready to depart for London and
Paris to take up the matter with the great banking houses. St.
Petersburg and Berlin were not to be given the opportunity to gobble up
these extremely fine securities. This seemingly extraordinary exclusion
of Russian and German bidders was the result of vigorous objections
raised by an utter outsider, the American, John Tullis, long time friend
and companion of Grenfall Lorry, consort to the late Princess.

Tullis was a strange man in many particulars. He was under forty years
of age, but even at that rather immature time of life he had come to be
recognised as a shrewd, successful financial power in his home city, New
York. At the very zenith of his power he suddenly and with Quixotic
disregard for consequences gave up his own business and came to
Graustark for residence, following a promise made to Grenfall Lorry
when the latter lay dying in a little inn near Brussels.

They had been lifelong friends. Tullis jestingly called himself the