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"No big capitalization!" a voice called, and it was this voice that crystallized the collective mind of the crowd into consent.

"There's about five thousand of you, which will make five thousand shares," Smoke worked the problem aloud. "And five thousand is two-fifths of twelve thousand, five hundred. Therefore The Tra-Lee Town-Site Company is capitalized for one million two hundred and fifty thousand dollars, there being twelve thousand, five hundred shares, hundred par, you fellows buying five thousand of them at ten dollars apiece. And I don't care a whoop whether you accept it or not. And I call you all to witness that you're forcing me against my will."

With the assurance of the crowd that they had caught him with the goods on him, in the shape of the two fake locations, a committee was formed and the rough organization of the Tra-Lee Town-Site Company effected. Scorning the proposal of delivering the shares next day in Dawson, and scorning it because of the objection that the portion of Dawson that had not engaged in the stampede would ring in for shares, the committee, by a fire on the ice at the foot of the slide, issued a receipt to each stampeder in return for ten dollars in dust duly weighed on two dozen gold-scales which were obtained from Dawson.

By twilight the work was accomplished and Tra-Lee was deserted, save for Smoke and Shorty, who ate supper in the cabin and chuckled at the list of shareholders, four thousand eight hundred and seventy-four strong, and at the gold-sacks, which they knew contained approximately forty-eight thousand seven hundred and forty dollars.

"But you ain't swung it yet," Shorty objected.

"He'll be here," Smoke asserted with conviction. "He's a born gambler, and when Breck whispers the tip to him not even heart disease would stop him."

Within the hour came a knock at the door, and Wild Water entered, followed by Bill Saltman. Their eyes swept the cabin eagerly, coming to rest on the windlass elaborately concealed by blankets.

"But suppose I did want to vote twelve hundred shares," Wild Water was arguing half an hour later. "With the other five thousand sold to-day it'd make only sixty-two hundred shares. That'd leave you and Shorty with sixty-three hundred. You'd still control."

"But what d' you want with all that of a town-site?" Shorty queried.

"You can answer that better 'n me," Wild Water replied. "An' between you an' me," his gaze drifted over the blanket-draped windlass, "it's a pretty good-looking town-site."

"But Bill wants some," Smoke said grudgingly, "and we simply won't part with more than five hundred shares."

"How much you got to invest?" Wild Water asked Saltman.

"Oh, say five thousand. It was all I could scare up."

"Wild Water," Smoke went on, in the same grudging, complaining voice, "if I didn't know you so well, I wouldn't sell you a single besotted share. And, anyway, Shorty and I won't part with more than five hundred, and they'll cost you fifty dollars apiece. That's the last word, and if you don't like it, good-night. Bill can take a hundred and you can have the other four hundred."

Next day Dawson began its laugh. It started early in the morning, just after daylight, when Smoke went to the bulletin-board outside the A. C. Company store and tacked up a notice. Men gathered and were reading and snickering over his shoulder ere he had driven the last tack. Soon the bulletin-board was crowded by hundreds who could not get near enough to read. Then a reader was appointed by acclamation, and thereafter, throughout the day, many men were acclaimed to read in loud voice the notice Smoke Bellew had nailed up. And there were numbers of men who stood in the snow and heard it read several times in order to memorize the succulent items that appeared in the following order:

The Tra-Lee Town-Site Company keeps its accounts on the wall. This is its first account and its last.

Any shareholder who objects to donating ten dollars to the Dawson General Hospital may obtain his ten dollars on personal application to Wild Water Charley, or, failing that, will absolutely obtain it on application to Smoke Bellew.

MONEYS RECEIVED AND DISBURSED

From 4874 shares at $10.00………………………….$48,740.00

To Dwight Sanderson for Town-Site of Tra-Lee…………..10,000.00

To incidental expenses, to wit: powder, drills, windlass, gold commissioner's office, etc………….1,000.00

To Dawson General Hospital…………………………..37,740.00

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Total……………………………………$48,740.00

From Bill Saltman, for 100 shares privately purchased at $50.00……………………………$ 5,000.00

From Wild Water Charley, for 400 shares privately purchased at $50.00 …………………………….20,000.00

To Bill Saltman, in recognition of services as volunteer stampede promoter ………………………5,000.00

To Dawson General Hospital……………………………3,000.00

To Smoke Bellew and Jack Short, balance in full on egg deal and morally owing ………………………17,000.00

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Total……………………………………$25,000.00

Shares remaining to account for 7126. These shares, held by Smoke Bellew and Jack Short, value nil, may be obtained gratis, for the asking, by any and all residents of Dawson desiring change of domicile to the peace and solitude of the town of Tra-Lee .

(Note: Peace and solitude always and perpetually guaranteed in town of Tra-Lee)

(Signed) SMOKE BELLEW, President.

(Signed) JACK SHORT, Secretary.

WONDER OF WOMAN

"Just the same, I notice you ain't tumbled over yourself to get married," Shorty remarked, continuing a conversation that had lapsed some few minutes before.

Smoke, sitting on the edge of the sleeping-robe and examining the feet of a dog he had rolled snarling on its back in the snow, did not answer. And Shorty, turning a steaming moccasin propped on a stick before the fire, studied his partner's face keenly.

"Cock your eye up at that there aurora borealis," Shorty went on. "Some frivolous, eh? Just like any shilly-shallyin', shirt-dancing woman. The best of them is frivolous, when they ain't foolish. And they's cats, all of 'em, the littlest an' the biggest, the nicest and the otherwise. They're sure devourin' lions an' roarin' hyenas when they get on the trail of a man they've cottoned to."

Again the monologue languished. Smoke cuffed the dog when it attempted to snap his hand, and went on examining its bruised and bleeding pads.

"Huh!" pursued Shorty. "Mebbe I couldn't 'a' married if I'd a mind to! An' mebbe I wouldn't 'a' been married without a mind to, if I hadn't hiked for tall timber. Smoke, d'you want to know what saved me? I'll tell you. My wind. I just kept a-runnin'. I'd like to see any skirt run me outa breath."

Smoke released the animal and turned his own steaming, stick-propped moccasins. "We've got to rest over to-morrow and make moccasins," he vouchsafed. "That little crust is playing the devil with their feet."

"We oughta keep goin' somehow," Shorty objected. "We ain't got grub enough to turn back with, and we gotta strike that run of caribou or them white Indians almighty soon or we'll be eatin' the dogs, sore feet an' all. Now who ever seen them white Indians anyway? Nothin' but hearsay. An' how can a Indian be white? A black white man'd be as natural. Smoke, we just oughta travel to-morrow. The country's plumb dead of game. We ain't seen even a rabbit-track in a week, you know that. An' we gotta get out of this dead streak into somewhere that meat's runnin'."

"They'll travel all the better with a day's rest for their feet and moccasins all around," Smoke counseled. "If you get a chance at any low divide, take a peep over at the country beyond. We're likely to strike open rolling country any time now. That's what La Perle told us to look for."

"Huh! By his own story, it was ten years ago that La Perle come through this section, an' he was that loco from hunger he couldn't know what he did see. Remember what he said of whoppin' big flags floatin' from the tops of the mountains? That shows how loco HE was. An' he said himself he never seen any white Indians — that was Anton's yarn. An', besides, Anton kicked the bucket two years before you an' me come to Alaska . But I'll take a look to-morrow. An' mebbe I might pick up a moose. What d' you say we turn in?"