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 quarry to market is promptly raised. No explanation is made. The railroad gets my profit. Under such circumstances I have never succeeded in getting the railroad to reconsider its raise. On the other hand, when there have been accidents, increased expenses of operating, or contracts with less profitable terms, I have always succeeded in getting the railroad to lower its rate. What is the result? Large or small, the railroad always gets my profits."

"What remains to you over and above," Ernest interrupted to ask, "would roughly be the equivalent of your salary as a manager did the railroad own the quarry. "

"The very thing," Mr. Asmunsen replied. "Only a short time ago I had my books gone through for the past ten years. I discovered that for those ten years my gain was just equivalent to a manager's salary. The railroad might just as well have owned my quarry and hired me to run it."

"But with this difference," Ernest laughed; "the railroad would have had to assume all the risk which you so obligingly assumed for it."'

"Very true," Mr. Asmunsen answered sadly.

Having let them have their say, Ernest began asking questions right and left. He began with Mr. Owen.

"You started a branch store here in Berkeley about six months ago?"

"Yes," Mr. Owen answered.