“I mortgaged the San Hedrin timber in the south to buy the timber in the north, my son; then after I commenced logging in my new holdings, came several long, lean years of famine. I stuck it out, hoping for a change for the better; I couldn't bear to close down my mill and logging-camps, for the reason that I could stand the loss far more readily than the men who worked for me and depended upon me. But the market dragged in the doldrums, and Bill Henderson died, and his boys got discouraged, and—”
A sudden flash of inspiration illumined Bryce Cardigan's brain. “And they sold out to Colonel Pennington,” he cried.
“Exactly. The Colonel took over my contract with Henderson's company, along with the other assets, and it was incumbent upon him, as assignee, to fulfill the contract. For the past two years the market for redwood has been most gratifying, and if I could only have gotten a maximum supply of logs over Pennington's road, I'd have worked out of the hole, but—”
“He manages to hold you to a minimum annual haul of twenty-five million feet, eh?”
John Cardigan nodded. “He claims he's short of rolling-stock—that wrecks and fires have embarrassed the road. He can always find excuses for failing to spot in logging-trucks for Cardigan's logs. Bill Henderson never played the game that way. He gave me what I wanted and never held me to the minimum haulage when I was prepared to give him the maximum.”
“What does Colonel Pennington want, pard?”
“He wants,” said John Cardigan slowly, “my Valley of the Giants and a right of way through my land from the valley to a log-dump on deep water.”
“And you refused him?”
“Naturally. You know my ideas on that big timber.” His old head sank low on his breast. “Folks call them Cardigan's Redwoods now,” he murmured. “Cardigan's Redwoods—and Pennington would cut them! Oh, Bryce, the man hasn't a soul!”
“But I fail to see what the loss of Cardigan's Redwoods has to do with the impending ruin of the Cardigan Redwood Lumber Company,” his son reminded him. “We have all the timber we want.”