JOHN SAXTON, RECEIVER
At two o'clock Warry Raridan sat on a table in the United States court
room, kicking his heels together and smoking a cigarette. A number of
reporters stood about; the ex-president, the secretary and the treasurer
of the Clarkson Traction Company loafed within the space set apart for
attorneys and played with their hats. The court was sitting in chambers,
and those who waited knew that in the judge's private room something was
happening. The clerk came out presently with his hands full of papers
and affixed the official file mark to them. Raridan was waiting for
Fenton and Saxton and when they appeared together, he went across the
room to meet them.
"How is it?" he asked.
"It's all right," said Fenton. "Saxton has been appointed, pending a
hearing of the case on its merits, which can't be had until Mr. Porter
is out again."
"I knew it was coming," said Raridan, in a low tone to Saxton, "so I
came up to say that I'm glad you're recognized by the powers."
"But it's only temporary," said John. "The little interest I represent
wouldn't justify it, of course. I'm still dazed that Fenton should have
urged my appointment on the court."
"What I'm here for is to go on your bond, old man."
"But Fenton has fixed that,--some of the bank directors."
"All right, John."
Saxton was walking away, but he turned back. Something had gone amiss
with Raridan. Several times in their friendship Saxton had unconsciously
offended him. He saw that Warry was really hurt now.
"I appreciate it, Warry, and it's like you to offer; of course I'd be
glad to have you."
"Well, I hoped I was as good as those other fellows," said Raridan, more
cheerfully; and he went to the clerk's desk and signed the bond.
Margrave came out now with his lawyer, and they were joined by
Margrave's allies of the morning. Margrave stopped to give the reporters
his side of the story. He assured them that this was merely a contest
between two interests for the control of the Traction Company. There had
been a misunderstanding, and until the differences between the two
factions of stockholders could be reconciled, the business of the
company would be managed by a receiver, who was, he said, "friendly to
all parties." The fact was that he had objected strenuously to Saxton's
appointment, but Fenton had insisted on it and the court had paid a good
deal of attention to what Fenton said. Margrave made much to the
reporters of his own election to the presidency, and intimated to them
that the receiver would soon be discharged and that he would assume the
active management of affairs.
The papers that had been filed in the case disclosed a somewhat
different situation, which was fully laid before the public, greatly to
its surprise. It appeared that William Porter owned all the bonds of
the company, and only narrowly missed the stock control. The situation
was thoroughly interesting. A contention between Porter and Margrave was
novel in the history of Clarkson and the press made the most of it. The
_Gazette_, Margrave's paper, proved him to be wholly in the right, and
cited the summary action of the court in appointing an inexperienced man
to the receivership as another proof of the brutal abuse of power by
federal courts.
Margrave had put none of his own money into Traction stock, but had
invested funds belonging to the stockholders of the Transcontinental,
who had every confidence in his sagacity, and who trusted him
implicitly. He advised them of the receivership in terms which led them
to believe that he had brought it about as a part of his own plans. He
maintained an air of mystery and winked knowingly at friends who joked
him about the little _coup_ by which Porter, though sick in bed, had, as
they said, "cleaned him up." He told those who flattered him by twitting
him on this score that he guessed Tim Margrave hadn't lost his grip yet,
and that before he was knocked out, the place of eternal damnation would
have been transformed into a skating rink.