"She, with Frau von Lasberg, will probably remain there for some weeks yet. The mountain-air has worked miracles for Alice; she is almost entirely well, and Dr. Reinsfeld advises her to extend her stay until the weather changes. I owe a debt of grat.i.tude to your cousin, and I greatly regret that he is to leave Oberstein. I hear he has another medical position in prospect in--what is the name of the place?"

"Neuenfeld."

"Right,--Neuenfeld. The name had escaped me. I cannot wonder at the young physician for desiring a wider sphere of action; but, as I said, we all regret that he is going so far away. Wolfgang in especial will miss him much."

The words sounded kindly, as though the president were really grateful to his daughter's physician and regretted losing him. Gersdorf, who had no reason to suspect his sincerity, was quite impressed.

"Benno writes me that he shall not leave for his new post before the end of a couple of weeks," he said. "He stipulated for this delay that he might install his successor at Oberstein. Therefore we shall have an opportunity of seeing each other again, for I must go to Heilborn next week. The suit of the parishes of Oberstein and Unterstein against the railway for damage done to their forests in its construction is to be decided, and I represent the company of course."

"Then we shall meet there," said Nordheim. "I am going to take a short holiday, and then return to town with my family. I have been overweighted with business of late, and am sadly in need of rest. I shall hope to see you at our villa; you will not forgot to come?"

"Certainly not," said Gersdorf, rising to take leave.

When he had gone the president rang for lights, for it was growing dark, and then, seating himself at his writing-table, he became absorbed in the papers lying there,--they must have been of a very important nature, for he examined them with the greatest care, his face expressing intense satisfaction as he did so, until it finally broke into a smile.

"Everything arranged," he murmured. "It will be a brilliant transaction. The figures are rather boldly combined, it is true, but they will do their duty, and as soon as Wolfgang has approved them, and affixed his name to the entire estimate, it will be accepted without demur. And that man Reinsfeld is fortunately disposed of. I thought he could not refuse the bait of such a position. Neuenfeld is far enough away, and he can live there comfortably to the end of his days.--What is it? I do not wish to be disturbed again this evening."

The last words were spoken to a servant who entered at the moment, and who now announced, "Herr Elmhorst has arrived."

"The engineer-in-chief?" Nordheim asked, surprised.

"Arrived a moment ago, Herr President."

Nordheim rose quickly, and was about to go to meet the new-comer, but Wolfgang appeared at that moment on the threshold in his travelling-dress.

"Have I startled you, sir, by my unexpected arrival?" he asked.

"Rather; you sent me no telegram," the president replied, motioning to the servant to withdraw. As soon as the door closed behind him he asked, hastily, and evidently disturbed, "What has happened? Anything the matter with the railway?"

"No; I left everything in perfect order."

"And Alice is well, I hope?" This last question was far more composedly put than had been its predecessor.

"Quite well; you have no cause for anxiety."

"Thank heaven! I was afraid something unfortunate had occurred to account for your sudden appearance. What brings you here so unexpectedly?"

"A matter of business, which I could not explain in writing," said Wolfgang, laying aside his hat. "I preferred to see you personally, although I could ill be spared from the railway."

"Well, then, let us talk over your business," replied the president, who was always ready to discuss affairs. "We shall be entirely undisturbed this evening. But first take some rest. I will give orders to have your rooms----"

"Thank you, sir," Elmhorst interrupted him, "but I should like to have the business that has brought me here settled at once; it is urgent,--at least for me. We are quite alone here?"

"We are; I generally insure myself privacy in my own apartments. But for security's sake you can close the door of the next room also."

Wolfgang complied, and then returned. As he advanced into the circle of light from the lamp his face looked pale and agitated. His pallor could hardly be the effect of fatigue from the long, unbroken ride; there was a frown on his brow, and his dark eyes had a stern, almost menacing expression.

"Your business must be important," the president observed, as he sat down, "or you would hardly have come yourself. Well, then.--But will you not be seated?"

The young man paid no heed to the request, but remained standing, with his hand resting on the back of a chair, as he began, in an apparently calm tone, "You sent me over the estimates and calculations which are to serve as the basis of the transfer of the railway to the stockholders."

"I did. You remember I told you that I would spare you the details of these calculations. You have enough to do in attending to the technical conduct of the work. All you have to do is to look over and approve the estimates, your word as engineer-in-chief being decisive."

"I am aware of that,--entirely aware of my responsibility in the matter, and therefore I wish to put a question to you: Who made these estimates?"

Nordheim glanced in surprise at his future son-in-law; the question evidently astonished him.

"Who? Why, my clerks and those who understand such matters."

"That is not what I mean, sir. They simply made up the figures from the memoranda and calculations furnished them. What I want to know is, whose were those memoranda?--who put down the sums which are the basis of the estimates? It cannot possibly have been yourself."

"Indeed? And why not, may I ask?"

"Because all the accounts are falsified!" Wolfgang said, coldly but very decidedly.

"Falsified? What do you mean?"

"Is it possible that it escaped you?" Elmhorst asked, never taking his eyes from the president. "I discovered it at a glance. All the buildings are estimated at almost double the cost of their erection, and stations are brought into the calculations which do not exist. The obstacles and catastrophes that impeded us are reckoned up in an incredible fashion, as causing an outlay of hundreds of thousands where not half the amount was expended. In short, the whole sum exceeds by some millions the actual cost of the undertaking."

Nordheim listened in silence, but with a frown, to this agitated explanation, by which, however, he seemed more surprised than offended; at last he said, coldly, "Wolfgang, I really do not understand you."

"Nor did I understand your letter requiring me to approve and sign that estimate. I thought, and I still think, that there is some mistake, and I wanted to ask you personally about it. I trust you can explain it to me."

The president shrugged his shoulders, but maintained the same cool, composed tone, as he replied, "You are a capital engineer, Wolfgang, but that you have no talent for business is quite clear. I hoped we should understand each other in this matter without many words, but, since that does not seem to be the case, we must come to an explanation. Do you suppose that I intend to withdraw from this undertaking with loss?"

"With loss? In any case you receive back your capital with interest."

"A transaction that brings in no more than that is to be reckoned as a losing one," said Nordheim. "I did not imagine you such a novice in business matters as to require to be told this. We have here a chance to make a profit,--a considerable profit. The railway, in fact, belongs to me. I called it into existence, my capital has been princ.i.p.ally expended in its construction, the entire risk has been mine. I venture to think that you will not dispute my right to dispose of my property at any price I think fit."

"If that price is to be gained only by the means you have adopted, I do most decidedly dispute the right you speak of. Should the company receive the railway under such conditions, its bankruptcy will be certain. Even if the road be employed to the fullest extent it cannot bring in a sufficient income to indemnify it approximately for the amount of loss sustained; the entire enterprise must either go to ruin, or fall into the hands of some unprincipled schemer."

"And how does that concern us?" Nordheim asked, calmly.

"How does it concern us?" Elmhorst broke forth, indignantly. "To have the work which you devised, to which I have devoted my best energies, at the head of which stand our united names, go miserably to ruin or be an instrument in the hands of swindlers? It concerns me deeply, as I trust I shall be able to show you."

The president arose with an impatient wave of his hand: "Pray spare me such bursts of declamation, Wolfgang. They really are out of place in a business discussion."

The young man drew himself up; all emotion vanished from his face, giving place to an expression of cool contempt, and his voice was every whit as cold as the president's own as he replied, "I shall not content myself with mere declamation, as you will find, sir. Let me ask once for all, calmly and briefly, who furnished the figures upon which the estimates you sent me are based?"

"I, myself," was the quiet reply.

"And you expected me to approve them and put my name to them?"

"I expect every thing of my future son-in-law," Nordheim declared, with sharp emphasis.

"Then you have misunderstood me. I cannot sign the estimates."

"Wolfgang!" There was an evident menace in Nordheim's tone.