Next day the articles of partnership were drawn; and Carpenter gave his note for the necessary expenses. Then in answer to a pencilled card which Mr. Morrison had evidently left at Thorpe's hotel in person, both young men called at the lumberman's place of business. They were ushered immediately into the private office.

Mr. Morrison was a smart little man with an ingratiating manner and a fishy eye. He greeted Thorpe with marked geniality.

"My opponent of yesterday!" he cried jocularly. "Sit down, Mr. Thorpe! Although you did me out of some land I had made every preparation to purchase, I can't but admire your grit and resourcefulness. How did you get here ahead of us?"

"I walked across the upper peninsula, and caught a boat," replied Thorpe briefly.

"Indeed, INDEED!" replied Mr. Morrison, placing the tips of his fingers together. "Extraordinary! Well, Mr. Thorpe, you overreached us nicely; and I suppose we must pay for our carelessness. We must have that pine, even though we pay stumpage on it. Now what would you consider a fair price for it?"

"It is not for sale," answered Thorpe.

"We'll waive all that. Of course it is to your interest to make difficulties and run the price up as high as you can. But my time is somewhat occupied just at present, so I would be very glad to hear your top price--we will come to an agreement afterwards."

"You do not understand me, Mr. Morrison. I told you the pine is not for sale, and I mean it."

"But surely--What did you buy it for, then?" cried Mr. Morrison, with evidences of a growing excitement.

"We intend to manufacture it."

Mr. Morrison's fishy eyes nearly popped out of his head. He controlled himself with an effort.

"Mr. Thorpe," said he, "let us try to be reasonable. Our case stands this way. We have gone to a great deal of expense on the Ossawinamakee in expectation of undertaking very extensive operations there. To that end we have cleared the stream, built three dams, and have laid the foundations of a harbor and boom. This has been very expensive. Now your purchase includes most of what we had meant to log. You have, roughly speaking, about three hundred millions in your holding, in addition to which there are several millions scattering near it, which would pay nobody but yourself to get in. Our holdings are further up stream, and comprise only about the equal of yours."

"Three hundred millions are not to be sneezed at," replied Thorpe.

"Certainly not," agreed Morrison, suavely, gaining confidence from the sound of his own voice. "Not in this country. But you must remember that a man goes into the northern peninsula only because he can get something better there than here. When the firm of Morris............