CHAPTER XXIX
JOHN SAXTON, RECEIVER
At two o'clock Warry Raridan sat on a table in the United States courtroom, kicking his heels together and smoking a cigarette. A number ofreporters stood about; the ex-president, the secretary and the treasurerof the Clarkson Traction Company loafed within the space set apart forattorneys and played with their hats. The court was sitting in chambers,and those who waited knew that in the judge's private room something washappening. The clerk came out presently with his hands full of papersand affixed the official file mark to them. Raridan was waiting forFenton and Saxton and when they appeared together, he went across theroom to meet them.
"How is it?" he asked.
"It's all right," said Fenton. "Saxton has been appointed, pending ahearing of the case on its merits, which can't be had until Mr. Porteris out again."
"I knew it was coming," said Raridan, in a low tone to Saxton, "so Icame up to say that I'm glad you're recognized by the powers."
"But it's only temporary," said John. "The little interest I representwouldn't justify it, of course. I'm still dazed that Fenton should haveurged 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 amisswith Raridan. Several times in their friendship Saxton had unconsciouslyoffended him. He saw that Warry was really hurt now.
"I appreciate it, Warry, and it's like you to offer; of course I'd beglad to have you."
"Well, I hoped I was as good as those other fellows," said Raridan, morecheerfully; and he went to the clerk's desk and signed the bond.
Margrave came out now with his lawyer, and they were joined byMargrave's allies of the morning. Margrave stopped to give the reportershis side of the story. He assured them that this was merely a contestbetween two interests for the control of the Traction Company. There hadbeen a misunderstanding, and until the differences between the twofactions of stockholders could be reconciled, the business of thecompany would be managed by a receiver, who was, he said, "friendly toall parties." The fact was that he had objected strenuously to Saxton'sappointment, but Fenton had insisted on it and the court had paid a gooddeal of attention to what Fenton said. Margrave made much to thereporters of his own election to the presidency, and intimated to themthat the receiver would soon be discharged and that he would assume theactive management of affairs.
The papers that had been filed in the case disclosed a somewhatdifferent situation, which was fully laid before the public, greatly toits surprise. It appeared that William Porter owned all the bonds ofthe company, and only narrowly missed the stock control. The situationwas thoroughly interesting. A contention between Porter and Margrave wasnovel 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, andcited the summary action of the court in appointing an inexperienced manto the receivership as another proof of the brutal abuse of power byfederal courts.
Margrave had put none of his own money into Traction stock, but hadinvested funds belonging to the stockholders of the Transcontinental,who had every confidence in his sagacity, and who trusted himimplicitly. He advised them of the receivership in terms which led themto believe that he had brought it about as a part of his own plans. Hemaintained an air of mystery and winked knowingly at friends who jokedhim about the little _coup_ by which Porter, though sick in bed, had, asthey said, "cleaned him up." He told those who flattered him by twittinghim 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 wouldhave been transformed into a skating rink.
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