"About two hundred thousand dollars, I am told. But I believe one can mortgage his catch or borrow money on it from the banks, and so not have to carry the full burden."

The man stared at his companion with unseeing eyes for a moment, then asked: "What's to prevent me from going into the business?"

"Several things. Have you the money?"

"Possibly. What else?"

"A site."

"That ought to be easy."

Cherry laughed. "On the contrary, a suitable cannery site is very hard to get, because there are natural conditions necessary, fresh flowing water for one; and, furthermore, because the companies have taken them all up."

"Ah! I see." The light died out of Emerson's eyes, the eagerness left his voice. He flung himself dejectedly into a chair by the fire, moodily watching the flames licking the burning logs. All at once he gripped the arms of his chair, and muttered through set jaws: "God, I'd like to take one more chance!" The girl darted a swift look at him, but he fell to brooding again, evidently insensible to her presence. At length he stirred himself to ask: "Can I hire a guide hereabout? We'll have to be going on in a day or so."

"Constantine will get you one. I suppose, of course, you will avoid the
Katmai Pass?"

"Avoid it? Why?"