“Mr. Baker has invested in this project a great many millions of dollars,” said Oldham.  “He must be adequately safeguarded.  To further develop and even to maintain the efficiency of what he has, he must operate to a large extent on borrowed capital.  Borrowing depends on credit; and credit depends on confidence.  If conditions are proved to be unstable, capital will prove more than cautious in risking itself.  That is elementary.  Surely you can see that point.”

“I can see that, all right,” admitted Bob.

“Well,” went on Oldham, taking heart, “think of the responsibility you are assuming in pushing forward a mere technicality, and a debatable technicality at that.  You are not only jeopardizing a great and established business—­I will say little of that—­but you are risking the prosperity of a whole countryside.  If Mr. Baker’s enterprises should quit this section, the civilization of the state would receive a serious setback.  Thousands of men would be thrown out of employment, not only on the company’s works, but all along the lines of its holdings; electric light and power would increase in price—­a heavy burden to the consumer; the country trolley lines must quit business, for only with water-generated power can they compete with railroads at all; fertile lands would revert to desert—­”

“I am not denying the value of Mr. Baker’s enterprises,” broke in Bob; “but what has a billion and a half of timber to do with all this?”

“Mr. Baker has long been searching for an available supply for use in the enterprises,” said Oldham, eagerly availing himself of this opening.  “You probably have a small idea of the immense lumber purchases necessary for the construction of the power plants, trolley lines, and roads projected by Mr. Baker.  Heretofore the company has been forced to buy its timber in the open market.”

“This would be cheaper,” suggested Bob.

“Much.”

“That would increase net profits, of course.  I suppose that would result in increased dividends.  Or, perhaps, the public would reap the benefit in decreased cost of service.”

“Undoubtedly both.  Certainly electricity and transportation would cheapen.”

“The same open markets can still supply the necessary timber?”

“At practically prohibitive cost,” Oldham reminded.

“Which the company has heretofore afforded—­and still paid its dividends,” said Bob calmly.  “Well, Mr. Oldham, even were I inclined to take all you say at its face value; even were I willing to admit that unless Mr. Baker were given this timber his business would fail, the country would be deprived of the benefits of his enterprise, and the public seriously incommoded, I would still be unable to follow the logic of your reasoning.  Mind you, I do not admit anything of the kind.  I do not anticipate any more dire results than that the dividends will remain at their present per cent.  But even supposing