head. He controlled
himself with an effort.

"Mr. Thorpe," said he, "let us try to be reasonable. Our case stands
this way. We have gone to a great deal of expense on the Ossawinamakee
in expectation of undertaking very extensive operations there. To that
end we have cleared the stream, built three dams, and have laid the
foundations of a harbor and boom. This has been very expensive. Now your
purchase includes most of what we had meant to log. You have, roughly
speaking, about three hundred millions in your holding, in addition to
which there are several millions scattering near it, which would pay
nobody but yourself to get in. Our holdings are further up stream, and
comprise only about the equal of yours."

"Three hundred millions are not to be sneezed at," replied Thorpe.

"Certainly not," agreed Morrison, suavely, gaining confidence from the
sound of his own voice. "Not in this country. But you must remember that
a man goes into the northern peninsula only because he can get something
better there than here. When the firm of Morrison & Daly establishes
itself now, it must be for the last time. We want enough timber to do us
for the rest of the time we are in business."

"In that case, you will have to hunt up another locality," replied
Thorpe calmly.

Morrison's eyes flashed. But he retained his appearance of geniality,
and appealed to Wallace Carpenter.

"Then you will retain the advantage of our dams and improvements," said
he. "Is that fair?"

"No, not on the face of it," admitted Thorpe. "But you did your work
in a navigable stream for private purposes, without the consent of the
Board of Control. Your presence on the river is illegal. You should
have taken out a charter as an Improvement Company. Then as long as you
'tended to business and kept the concern in repair, we'd have paid you a
toll per thousand feet. As soon as you let it slide, however, the works
would revert to the State. I won't hinder your doing that yet; although
I might. Take out your charter and fix your rate of toll."

"In other words, you force us to stay there and run a little two-by-four
Improvement Company for your benefit, or else lose the value of our
improvements?"

"Suit yourself," answered Thorpe carelessly. "You can always log your
present holdings."

"Very well," cried Morrison, so suddenly in a passion that Wallace
started back. "It's war! And let me tell you this, young man; you're a
new concern and we're an old one