None of the Bell partners had been mere stock-jobbers.

At one time they had even taken a pledge not to sell any of their stock to outsiders.

They had financed their company in a most honest and simple way; and they were desperately opposed to the financial banditti whose purpose was to transform the telephone business into a cheat and a gamble.

At first, having held their own against the Western Union, they expected to make short work of the stock-jobbers.

But it was a vain hope.