The San Francisco call., 1904-10-09

steady thing; but at this time Of night
light Castillo fits me pretty well. Try
one?' rendering his cigar case.
Fighting shrewdly against natural
hereditary enemy, Kent forced himself
to be neighborly.
Il don't mind" he said, returning the
pipe to it's case. And when the Hava-
mas were well alight and the talk had
circled down upon the political situa-
ton in the state he was able to bear
his part with a fair exterior, giving
Ormsby an imDressionistic outline OF
the late campaign and the conditions
that had made the sweeping triumph OF
the Peoples party possible.
I'VE have been coming to Il steadily
through the last administration. and
part Of the preceding one" he ex-
planned. Last year the drought cut
the cereals in half, and the country
was too new to stand 1t without
borrowing. There was little local capi-
tai. and the Eastern article was hun
cry, taking all the interest the law
allows. and as much more as IL could
get. This year the crop broke all rec
Ords for abundance, but the price Is
down and the railroads, trying to re-
coup for two bad years. have stiffened
the freight rates. The net result is our
political overturn."
Then the railroads and the corpora
tIons are not primarily to blame?" said
Ormsby.
"Oh, no. Corporations here. as else
where, are looking out for the present
dollar, but if the country were gener-
ally prosperous the people would pay
the tax carelessly, as they do in the
older sections With US it has been a
sort of DOnnybroOk fair-the agricul-
tural voter has shillalahed the head he
could reach most easily"
The New Yorker nodded. His mil
Hons were sOlidly placed. and he took
no more than a sportsman's interest in
the fluctuations OF the stock market.
"Of course, there have been all sorts
OF rumors East-'bulP prophecies that
the triumph OF the new party means
an era Of unexampled prosperity for
the State-and by consequences for
Western stocks; bear growlings that
thugs are sure to go to the bow-wows
under the Bucks regime. What do you
think of il 90
Kent blew a series Of smoke rings
and watched them rise to become a
part Of the stratiied tobacco cloud
overhead before replying.
Il may as well confess that am not
entirely an unprejudiced observer" he
admitted. For one thing, I am In the
legal department. Of one Of the best
hated Of the railroads; and for another.
General, and Hendricks, the new Sec
retary Of State, are men whom I know
as, it is safe to say, the general public
doesn't know them. If I could be sure
that these three men are going to be
able to control their own party major
ity in the Assembly 1 should take the
first train East and make my fortune
selling tips in Wall street."
You put it graphically. Then the
90 - fLrc4Ir~ tn. =,
ing element on Changer
1T is-always providing II can dom
inate its own majority. But this is by
no means certain. The political earth
quake is essentially popular protest
against hard conditions brought about.
as the voters seem to believe. by the
oppression of the alien corporations
and extOrtionate railroad rates. Yet
there are plenty of steady-going. con-
servative men in the mOvement-men
who have no present idea OF revolu-
tionizing things. Marston, the Lieuten-
ant Governor, is one Of that kind. II
all depends on whether these men will
allow themselves to be whipped into
line by the leaders, who. I am very
well convinced. are a set OF conscience
less demagOgues, lighting solely for
their own hand"
Ormsby nodded again.
You are likely to have good hunting
this winter, Mr.. Kent. It hasn't begun
yet, take it 2"
"Oh, no; the Assembly does not con-
vene for a fortnight, and nobody short
Of an inspired prophet can foretell
what legislation will be sprung. But
one thing is safe to count on; the
leaders are out for spoils. They mean
to rob somebody, and, II my guess is
worth anything, they are sharp enough
to try to get their schemes Iegalized by
having enabling laws passed by the
Assembly"
'Um, said the eastern man. Then
he took the measure OF his companion
in a shrewd overlook. You are the
man on the ground. Mr.. Kent. and I'll
ask a straightforward question II
you had friend owning stock IN one
Of the involved railways, what would
you adviser"
Kent smiled.
I'VE needn't make 1t a Hypothetical
case. If 1 had the right to advise Mrs.
Brentwood and her daughters, I should
for the present.
Would you? But Western Pacific
has gone of several points already"
Il know II has; and unfortunately,
Mrs. Brentwood bought in at the top
Of the market That Is why counsel
delay. If she sells now, she Il sure
to lose. If she holds on, there is an
even chance for a spasmodio upward
reaction before worse things happen"
Perhaps: you know more about ths
probabilities than / pretend to. But
on the other hand, she may lose more
If she holds on"
Kent bit deep into his cigar.
I'VE must see to II that she doesn't
lose, Mr.. Ormsby."
The clubman laughed broadly.
Isn't that a good bit like saying
that the shallop must see to IL that ths
wind doesn't blow too hard for it?'
Possibly. But in the sorriest wreck
there is usually some small chance for
salvage. I understand Mrs. Brent
woods holding is not very larger"
"a block of some three thousand
shares. held jointly by her and her two
daughters, / believe"
Exactly: not enough to excite any
body's cupidity; and yet enough to
turn the scale II there should ever be
a fight for a majority control
There is no such fight in prospect,
l..