“We have about twenty-five million feet in now.”

“You don't say so! Your own cutting?”

“Only part of it.”

“You've been—er—buying in the market, eh?”

“Yes, all we could get.” He could not resist adding, “It's been a good time to buy.”

“Yes, so it has, so it has. I suppose you're holding this lot for a better price?”

Halloran nodded. His eyes were searching the face of his caller. Babcock paused to gather his forces, then settled back in his chair.

“I feel like telling you, Mr. Halloran, that you've done a mighty neat piece of work. To tell the truth, it's been a surprise to us to see how well you've carried this business. Your fame now”—he leaned forward and dropped his voice to a confidential pitch—“your fame now, however, rests even more on the way you've stuck to your employer's interests than on the cleverness of what you've done. There are clever men enough, but down in Chicago we don't see any too many honest ones.”

“No, I suppose you don't.”

“This fight has been expensive, but it's taught us one lesson, I think. When we organized the lumber producers we tried to get all the good firms into it. We succeeded with every one but Higginson & Company. By the facts of the case we were forced to antagonize you, and I'll tell you right here we expected to beat you. But we haven't beaten you. You've shown a vitality that was surprising. And since your owner, we understand, has been dangerously ill for some months, we are forced to believe that you, yourself, Mr. Halloran, are the real head of this business. Isn't that so? Well, you needn't answer. I understand your modesty. But there are the facts. Well, now, sir, here we are, after a hard fight, just where we were when we started. I don't know but what you may be better off. Anyhow, you're the one man that has kept us from doing what we want to do. What we've learned in this experience is, that we can't afford to go on fighting Mr. John Halloran. We need just such a man as you on our side. Mr. Bigelow and I have talked this all over, and I think we have insight enough to know that when a rising man, a really big man, comes along, it's a heap sight better to get on his side. You can't stop a man like that—he's bound to rise—and if you don't keep his good-will and confidence, you lose. Now, we want your good-will and confidence, Mr. Halloran. I've got some propositions to lay before—”