Watling　was　now　to　produce　results。。。。　　The　reputations　had　already　been
  made　of　some　of　that　remarkable　group　of　financial　geniuses　who　were
  chiefly　instrumental　in　bringing　about　the　industrial　evolution　begun
  after　the　Civil　War：　at　the　same　time；　as　is　well　known；　a　political
  leadership　developed　that　gave　proof　of　a　deplorable　blindness　to　the
  logical　necessity　of　combinations　in　business。　　The　lawyer　with
  initiative　and　brains　became　an　indispensable　factor；〃　etc。；　etc。
  The　biography　might　have　gone　on　to　relate　my　association　with　and
  important　services　to　Adolf　Scherer　in　connection　with　his　constructive
  dream。　　Shortly　after　my　return　from　abroad；　in　answer　to　his　summons；　I
  found　him　at　Heinrich's；　his　napkin　tucked　into　his　shirt　front；　and　a
  dish　of　his　favourite　sausages　before　him。
  〃So；　the　honeymoon　is　over！〃　he　said；　and　pressed　my　hand。　　〃You　are
  right　to　come　back　to　business；　and　after　awhile　you　can　have　another
  honeymoon；　eh？　　I　have　had　many　since　I　married。　　And　how　long　do　you
  think　was　my　first？　　A　day！　　I　was　a　foreman　then；　and　the　wedding　was　at
  six　o'clock　in　the　morning。　　We　went　into　the　country；　the　wife　and　I。〃
  He　laid　down　his　knife　and　fork；　possessed　by　the　memory。　　〃I　have　grown
  rich　since；　and　we've　been　to　Europe　and　back　to　Germany；　and　travelled
  on　the　best　ships　and　stayed　at　the　best　hotels；　but　I　never　enjoyed　a
  holiday　more　than　that　day。　　It　wasn't　long　afterwards　I　went　to　Mr。
  Durrett　and　told　him　how　he　could　save　much　money。　　He　was　always　ready
  to　listen；　Mr。　Durrett；　when　an　employee　had　anything　to　say。　　He　was　a
  big　man；an　iron…master。　　Ah；　he　would　be　astonished　if　only　he　could
  wake　up　now！〃
  〃He　would　not　only　have　to　be　an　iron…master；〃　I　agreed；　〃but　a　financier
  and　a　railroad　man　to　boot。〃
  〃A　jack　of　all　trades；〃　laughed　Mr。　Scherer。　　〃That's　what　we　aremen　in
  my　position。　　Well；　it　was　comparatively　simple　then；　when　we　had　no
  Sherman　law　and　crazy　statutes；　such　as　some　of　the　states　are　passing；
  to　bother　us。　　What　has　got　into　the　politicians；　that　they　are　indulging
  in　such　foolishness？〃　he　exclaimed；　more　warmly。　　〃We　try　to　build　up　a
  trade　for　this　country；　and　they're　doing　their　best　to　tie　our　hands　and
  tear　it　down。　　When　I　was　in　Washington　the　other　day　I　was　talking　with
  one　of　those　Western　senators　whose　state　has　passed　those　laws。　　He　said
  to　me；　‘Mr。　Scherer；　I've　been　making　a　study　of　the　Boyne　Iron　Works。
  You　are　clever　men；　but　you　are　building　up　monopolies　which　we　propose
  to　stop。'　‘By　what　means？'〃　I　asked。　　〃‘Rebates；　for　one；'　said　he；　‘you
  get　preferential　rates　from　your　railroad　which　give　you　advantages　over
  your　competitors。'　Foolishness！〃　　Mr。　Scherer　exclaimed。　　〃I　tell　him　the
  railroad　is　a　private　concern；　built　up　by　private　enterprise；　and　it　has
  a　right　to　make　special　rates　for　large　shippers。　　No；railroads　are
  public　carriers　with　no　right　to　make　special　rates。　　I　ask　him　what　else
  he　objects　to；　and　he　says　patented　processes。　　As　if　we　don't　have　a
  right　to　our　own　patents！　　We　buy　them。　　I　buy　them；　when　other　steel
  companies　won't　touch　'em。　　What　is　that　but　enterprise；　and　business
  foresight；　and　taking　risks？　　And　then　he　begins　to　talk　about　the　tariff
  taking　money　out　of　the　pockets　of　American　consumers　and　making　men　like
  me　rich。　　I　have　come　to　Washington　to　get　the　tariff　raised　on　steel　rails；
  and　Watling　and　other　senators　we　send　down　there　are　raising　it　for　us。
  We　are　building　up　monopolies！　　Well；　suppose　we　are。　　We　can't　help　it；
  even　if　we　want　to。　　Has　he　ever　made　a　study　of　the　other　side　of　the
  questionthe　competition　side？　　Of　course　he　hasn't。〃
  He　brought　down　his　beer　mug　heavily　on　the　table。　　In　times　of
  excitement　his　speech　suggested　the　German　idiom。　　Abruptly　his　air　grew
  mysterious；　he　glanced　around　the　room；　now　becoming　empty；　and　lowered
  his　voice。
  〃I　have　been　thinking　a　long　time；　I　have　a　little　scheme；〃　he　said；
  〃and　I　have　been　to　Washington　to　see　Watling；　to　talk　over　it。　　Well；　he
  thinks　much　of　you。　　Fowndes　and　Ripon　are　good　lawyers；　but　they　are　not
  smart　like　you。　　See　Paret；　he　says；　and　he　can　come　down　and　talk　to　me。
  So　I　ask　you　to　come　here。　　That　is　why　I　say　you　are　wise　to　get　home。
  Honeymoons　can　waiteh？〃
  I　smiled　appreciatively。
  〃They　talk　about　monopoly；　those　Populist　senators；　but　I　ask　you　what　is
  a　man　in　my　place　to　do？　　If　you　don't　eat；　somebody　eats　youis　it　not
  so？　　Like　the　boa…constrictorsthat　is　modern　business。　　Look　at　the
  Keystone　Plate　people；　over　there　at　Morris。　　For　years　we　sold　them
  steel　billets　from　which　to　make　their　plates；　and　three　months　ago　they
  serve　notice　on　us　that　they　are　getting　ready　to　make　their　own　billets；
  they　buy　mines　north　of　the　lakes　and　are　building　their　plant。　　Here　is
  a　big　customer　gone。　　Next　year；　maybe；　the　Empire　Tube　Company　goes　into
  the　business　of　making　crude　steel；　and　many　more　thousands　of　tons　go
  from　us。　　What　is　left　for　us；　Paret？〃
  〃Obviously　you've　got　to　go　into　the　tube　and　plate　business　yourselves；〃
  I　said。
  〃So！〃　cried　Mr。　Scherer；　triumphantly；　〃or　it　is　close　up。　　We　are　not
  fools；　no；　we　will　not　lie　down　and　be　eaten　like　lambs　for　any　law。
  Dickinson　can　put　his　hand　on　the　capital；　and　II　have　already　bought　a
  tract　on　the　lakes；　at　Bolivar；　I　have　already　got　a　plant　designed　with
  the　latest　modern　machinery。　　I　can　put　the　ore　right　there；　I　can　send
  the　coke　back　from　here　in　cars　which　would　otherwise　be　empty；　and
  manufacture　tubes　at　eight　dollars　a　ton　less　than　they　are　selling。　　If
  we　can　make　tubes　we　can　make　plates；　and　if　we　can　make　plates　we　can
  make　boilers；　and　beams　and　girders　and　bridges。。。。　　It　is　not　like　it
  was　but　where　is　it　all　leading；　my　friend？　　The　time　will　comeis　right
  on　us　now；　in　respect　to　many　productswhen　the　market　will　be　flooded
  with　tubes　and　plates　and　girders；　and　then　we'll　have　to　find　a　way　to
  limit　production。　　And　the　inefficient　mills　will　all　be　forced　to　shut
  down。〃
  The　logic　seemed　unanswerable；　even　had　I　cared　to　answer　it。。。。　　He
  unfolded　his　campaign。　　The　Boyne　Iron　Works　was　to　become　the　Boyne　Iron
  Works；　Ltd。；　owner　of　various　subsidiary　companies；　some　of　which　were　as
  yet　blissfully　ignorant　of　their　fate。　　All　had　been　thought　out　as
  calmly　as　the　partition　of　Polandonly；　lawyers　were　required；　and
  ultimately；　after　the　process　of　acquisition　should　have　been　completed；
  a　delicate　document　was　to　be　drawn　up　which　would　pass　through　the
  meshes　of　that　annoying　statutory　net；　the　Sherman　Anti…trust　Law。　　New
  mines　were　to　be　purchased；　extending　over　a　certain　large　area；　wide
  coal　deposits；　little　strips　of　railroad　to　tap　them。　　The　competition　of
  the　Keystone　Plate　people　was　to　be　met　by　acquiring　and　bringing　up　to
  date　the　plate　mills　of　King　and　Son；　over　the　borders　of　a　sister　state；
  the　Somersworth　Bridge　and　Construction　Company　and　the　Gring　Steel　and
  Wire　Company　were　to　be　absorbed。　　When　all　of　this　should　have　been
  accomplished；　there　would　be　scarcely　a　process　in　the　steel　industry；
  from　the　smelting　of　the　ore　to　the　completion　of　a　bridge；　which　the
  Boyne　Iron　Works　could　not　undertake。　　Such　was　the　beginning　of　the
  〃lateral　extension〃　period。
  〃Two　can　play　at　that　game；〃　Mr。　Scherer　said。　　〃And　if　those　fellows
  could　only　be　content　to　let　well　enough　alone；　to　continue　buying　their
  crude　steel　from　us；　there　wouldn't　be　any　trouble。〃。。。
  It　was　evident；　however；　that　he　really　welcomed　the　〃trouble；〃　that　he
  was　going　into　battle　with　enthusiasm。　　He　had　already　picked　out　his
  points　of　attack　and　was　marching　on　them。　　Life；　for　him；　would　have
  been　a　poor　thing　without　new　conflicts　to　absorb　his　energy；　and　he　had
  already　made　of　the　Boyne　Iron　Works；　with　its　open…hearth　furnaces；　a
  marvel　of　modern　efficiency　that　had　opened　the　eyes　of　the　Steel　world；
  and　had　drawn　the　attention　of　a　Personality　in　New　York；a　Personality
  who　was　one　of　the　new　and　dominant　type　that　had　developed　with　such
  amazing　rapidity；　the　banker…dinosaur；　preying　upon　and　superseding　the
  industrial…dinosaur；　conquering　type　of　the　preceding　age；　builder　of　the
  railroads；　mills　and　manufactories。　　The　banker…dinosaurs；　the　gigantic
  ones；　were　in　Wall　Street；　and　strove　among　themselves　for　the　industrial
  spoils　accumulated　by　their　predecessors。　　It　was　characteristic　of　these
  monsters　that　they　never　fought　in　the　open　unless　they　were　forced　to。
  Then　the　earth　rocked；　huge　economic　structures　tottered　and　fell；　and
  much　dust　arose　to　obscure　the　vision　of　smaller　creatures；　who　were
  bewildered　and　terrified。　　Such　disturbances　were　called　〃panics；〃　and
  were　blamed　by　the　newspapers　on　the　Democratic　party；　or　on　the
  reformers　who　had　wantonly　assailed　established　institutions。　　These
  dominant　bankers　had　contrived　to　gain　control　of　the　savings　of
  thousands　and　thousands　of　fellow…citizens　who　had　deposited　them　in
  banks　or　paid　them　into　insurance　companies；　and　with　the　power　thus
  accumulated　had　sallied　forth　to　capture　railroads　and　industries。　　The
  railroads　were　the　strategic　links。　　With　these　in　hand；　certain　favoured
  industrial　concerns　could　be　fed；　and　others