His wealth increased not in arithmetical but in geometrical progression. People spoke of him as one of those few "milliardaires" who never know how much they are worth. In reality he knew almost to a dollar, but he never boasted of it.

At this very moment when we introduce him to our readers with all the consideration such a many-sided man merits, William W. Kolderup had 2000 branch offices scattered over the globe, 80,000 employés in America, Europe, and Australia, 300,000 correspondents, a fleet of 500 ships which continually ploughed the ocean for his profit, and he was spending not less than a million a year in bill-stamps and postages. In short, he was the honour and glory of opulent Frisco—the nickname familiarly given by the Americans to the Californian capital.

A bid from William W. Kolderup could not but be a serious one. And when the crowd in the auction room had recognized who it was that by $100,000 had capped the reserve price of Spencer Island, there was an irresistible sensation, the chaffing ceased instantly, jokes gave place to interjections of admiration, and cheers resounded through the saloon. Then a deep silence succeeded to the hubbub, eyes grew bigger, and ears opened wider. For our part had we been there we would have had to hold our breath that we might lose nothing of the exciting scene which would follow should any one dare to bid against William W. Kolderup.

But was it probable? Was it even possible?

No! And at the outset it was only necessary to look at William W. Kolderup to feel convinced that he could never yield on a question where his financial gallantry was at stake.

He was a big, powerful man, with huge head, large shoulders, well-built limbs, firmly knit, and tough as iron. His quiet but resolute look was not willingly cast downwards, his grey hair, brushed up in front, was as abundant as if he were still young. The straight lines of his nose formed a geometrically-drawn right-angled triangle. No moustache; his beard cut in Yankee fashion bedecked his chin, and the two upper points met at the opening of the lips and ran up to the temples in pepper-and-salt whiskers; teeth of snowy whiteness were symmetrically placed on the borders of a clean-cut mouth. The head of one of those true kings of men who rise in the tempest and face the storm. No hurricane could bend that head, so solid was the neck which supported it. In these battles of the bidders each of its nods meant an additional hundred thousand dollars.

There was no one to dispute with him.

"Twelve hundred thousand dollars—twelve hundred thousand!" said the auctioneer, with that peculiar accent which men of his vocation find most effective.

"Going at twelve hundred thousand dollars!" repeated Gingrass the crier.

"You could safely bid more than that," said Oakhurst, the bar-keeper; "William Kolderup will never give in."

"He knows no one will chance it," answered the grocer from Merchant Street.

Repeated cries of "Hush!" told the two worthy tradesmen to be quiet. All wished to hear. All hearts palpitated. Dare any one raise his voice in answer to the voice of William W. Kolderup? He, magnificent to look upon, never moved. There he remained as calm as if the matter had no interest for him. But—and this those near to him noticed—his eyes were like revolvers loaded with dollars, ready to fire.

"Nobody speaks?" asked Dean Felporg.

Nobody spoke.

"Once! Twice!"

"Once! Twice!" repeated Gingrass, quite accustomed to this little dialogue with his chief.

"Going!"

"Going!"

"For twelve—hundred—thousand—dollars—Spencer—Island—com—plete!"

"For twelve—hundred—thousand—dollars!"

"That is so? No mistake?"

"No withdrawal?"

"For twelve hundred thousand dollars, Spencer Island!"

The waistcoats rose and fell convulsively. Could it be possible that at the last second a higher bid would come? Felporg with his right hand stretched on the table was shaking his ivory hammer—one rap, two raps, and the deed would be done.

The public could not have been more absorbed in the face of a summary application of the law of Justice Lynch!

The hammer slowly fell, almost touched the table, rose again, hovered an instant like a sword which pauses ere the drawer cleaves the victim in twain; then it flashed swiftly downwards.

But before the sharp rap could be given, a voice was heard giving utterance to these four words,—

"Thirteen—hundred—thousand—dollars!"

There was a preliminary "Ah!" of general stupefaction, then a second "Ah!" of not less general satisfaction. Another bidder had presented himself! There was going to be a fight after all!

But who was the reckless individual who had dared to come to dollar strokes with William W. Kolderup of San Francisco?

It was J. R. Taskinar, of Stockton.

J. R. Taskinar was rich, but he was more than proportionately fat.