Jim figured rapidly. He knew that now his mill was running efficiently, his crew of operators were trained, each machine was showing its production of seventy-five boxes of pins or better a day, he was making pins more cheaply than any other manufacturer in the country. He knew they could not make pins at such a price; that every box sold at such a figure represented a loss. It represented a loss to Jim of something like a cent and a half a box. Probably it meant from three to five cents to the Club. But they could stand it for a time. They had capital in reserve. Jim had none, or very little, to carry on an extended war. But fight he had to, whether he had the money or not. Perhaps he could borrow more, but he very much doubted it. One resource he had—the option on old Louis Le Bar’s timber. That must be sold at once. He determined to take the afternoon train to Grand Rapids to go over it in the big lumber offices. His immediate action was to wire his representatives generally to take no orders at the new price. To New York and Chicago he gave directions to sell one car-load each at a drop of five per cent. under the Club’s last figure. This would serve further to demoralize the markets in those centers and to compel the Club to protect its customers on the additional decline. It would cost Jim a few hundreds of dollars. How much more expensive it would be to the Club he did not know. The morning found him in Grand Rapids. The lumbermen received him with suspicion. It was apparent they were aware of his existence, had expected his arrival. They were willing to talk, but not to deal. They knew the Le Bar tract, of course. It was desirable, but none of them cared to undertake it. Their attitude was difficult to understand until one old gentleman bruskly informed Jim he did not care to spend his good money buying a lawsuit. “Why a lawsuit?” Jim asked. “We were tipped off to you, young man. From a dependable source we know there’s something wrong with that tract, and we’re taking no chances on it.” “Have you investigated it? Will you investigate it?” “No. It’s a desirable tract, but it’s not necessary. We can get along without it, and just now we’re too busy to go fooling round with a doubtful title.” “You can easily investigate the title.” “What’s the use? We know your option is disputed. We know we’d take on a lawsuit with it, and we don’t need any lawsuits.” At last Jim understood. Moran had taken his steps, as he said he would. He had promised that Jim would be unable to dispose of his option, and had made good his promise. The task had been simple. He had notified all possible buyers that he would contest Jim’s option; that he claimed some lien or title. Jim knew when he came face to face with the impassable. He put his option in his pocket and returned to Diversity.