“Yes,” she agreed frankly, “I think it is, Uncle Seth.  Certainly, if he blocked you and rendered your timber valueless, there is no reason why, if you have the opportunity, you should not block him—­and render his timber valueless.”

The Colonel banged the table with his fist so heartily that the silver fairly leaped.  “Spoken like a man!” he declared.  “I have the opportunity and am proceeding to impress the Cardigans with the truth of the old saying that every dog must have his day.  When Cardigan’s contract with our road for the hauling of his logs expires by limitation next year, I am not going to renew it—­at least not until I have forced him to make me the concessions I desire, and certainly not at the present ruinous freight-rate.”

“Then,” said Shirley eagerly, “if you got a right of way through his Valley of the Giants, you would renew the contract he has with you for the hauling of his logs, would you not?”

“I would have, before young Cardigan raised such Hades that day in the logging-camp, before old Cardigan sold his Valley of the Giants to another burglar—­and before I had gathered indubitable evidence that neither of the Cardigans knows enough about managing a sawmill and selling lumber to guarantee a reasonable profit on the capital they have invested and still pay the interest on their bonded and floating indebtedness.  Shirley, I bought those Cardigan bonds for you because I thought old Cardigan knew his business and would make the bonds valuable—­make them worth par.  Instead, the Cardigan Redwood Lumber Company is tottering on the verge of bankruptcy; the bonds I purchased for you are now worth less than I paid for them, and by next year the Cardigans will default on the interest.

“So I’m going to sit tight and decline to have any more business dealings with the Cardigans.  When their hauling contract expires, I shall not renew it under any circumstances; that will prevent them from getting logs, and so they will automatically go out of the lumber business and into the hands of a receiver; and since you are the largest individual stockholder, I, representing you and a number of minor bondholders, will dominate the executive committee of the bondholders when they meet to consider what shall be done when the Cardigans default on their interest and the payment due the sinking fund.  I shall then have myself appointed receiver for the Cardigan Redwood Lumber Company, investigate its affairs thoroughly, and see for myself whether or no there is a possibility of working it out of the jam it is in and saving you a loss on your bonds.

“I must pursue this course, my dear, in justice to you and the other bondholders.  If, on the other hand, I find the situation hopeless or conclude that a period of several years must ensue before the Cardigans work out of debt, I shall recommend to the bank which holds the deed of trust and acts as trustee, that the property be sold at public auction to the highest bidder to reimburse the bondholders.  Of course,” he hastened to add, “if the property sells for more than the corporation owes such excess will then in due course be turned over to the Cardigans.”