“On this particular tract it means about four hundred million feet.”

“That's about twenty cents a thousand.”

Orde nodded.

“And of course you couldn't operate for a long time?”

“Not for twenty, maybe thirty, years,” replied Orde calmly.

“There's your interest on your money, and taxes, and the risk of fire and—”

“Of course, of course,” agreed Orde impatiently, “but you're getting your stumpage for twenty cents or a little more, and in thirty years it will be worth as high as a dollar and a half.” [*]

* At the present time (1908) sugar pine such as Orde
described would cost $3.50 to $4.

“What!” cried Taylor.

“That is my opinion,” said Orde.