been forced to
buy its timber in the open market."

"This would be cheaper," suggested Bob.

"Much."

"That would increase net profits, of course. I suppose that would
result in increased dividends. Or, perhaps, the public would reap the
benefit in decreased cost of service."

"Undoubtedly both. Certainly electricity and transportation would
cheapen."

"The same open markets can still supply the necessary timber?"

"At practically prohibitive cost," Oldham reminded.

"Which the company has heretofore afforded--and still paid its
dividends," said Bob calmly. "Well, Mr. Oldham, even were I inclined to
take all you say at its face value; even were I willing to admit that
unless Mr. Baker were given this timber his business would fail, the
country would be deprived of the benefits of his enterprise, and the
public seriously incommoded, I would still be unable to follow the logic
of your reasoning. Mind you, I do not admit anything of the kind. I do
not anticipate any more dire results than that the dividends will remain
at their present per cent. But even supposing your argument to be well
founded, this timber belongs to the people of the United States. It is
part of John Jones's heritage, whether John Jones lives in White Oaks or
New York. Why should I permit Jones of New York to be robbed in favour
of Jones of White Oaks--especially since Jones of New York put me here
to look after his interests for him? That's the real issue; and it's
very simple."

"You look at the matter from a wrong point of view----" began Oldham,
and stopped. The land agent was shrewd, and knew when he had come to an
_impasse_.

"I always respect a man who does his duty," he began again, "and I can
see how you're tied up in this matter. But a resignation could be
arranged for very easily. Mr. Baker knows thoroughly both your ability
and experience, and has long regretted that he has not been able to
avail himself of them. Of course, as you realize, the great future of
all this country is not along the lines even of such great industries as
lumber manufacture, but in agriculture and in waterpower engineering.
Here, more than anywhere else in the world, Water is King!"

A recollection tickled Bob. He laughed outright. Oldham glanced at him
sharply.

"Oh, the Lucky Lands," said he at last; "I'd forgotten you had ever been
there. Well, the saying is as true now as it was then. The great future
for any young man is along those lines. I am