This was the culmination of a long series of letters and interviews. The beginning had been when this same Mr. Babcock had endeavoured to buy the Wauchung mills in the interest of Mr. Bigelow. It seemed that Mr. Bigelow was about to enter the lumber business. His genius for combination, for exploitation, was to be given a new direction. Kentucky Coal, New Freighters, Northwest Chicago, all his various interests were prospering, thanks to the name of Bigelow, and now the lumber business was to be vitalized, to be vivified. Just how it was to be done, or what was to be done, was not known; that secret was kept close in the Bigelow office. Each newspaper published its own version, to be believed or disbelieved at the discretion of the reader. All Mr. Higginson knew was that the Bigelow firm could never buy him out, that he had not spent his years in building up a business for the benefit of Mr. Bigelow. The business was his life, and he meant to keep it for himself and his family and his legitimate successors. So the first refusal had been a simple matter--a plain, emphatic no had sufficed. Then for a time there had been silence; until one day Halloran learned that the Pewaukoe Lumber Company, twenty-odd miles up the shore, had succumbed to the blandishments of the low-voiced Mr. Babcock, and had sold out mills, standing timber and all. It had not been a prosperous company, thanks to the shiftless management of the children of the original owner; but there was no reason why it should not do well in good hands. There was no question now that, whatever he meant to do next, Mr. Bigelow had a footing in the lumber trade, and Halloran had been watching him closely. The document on the desk was a statement of the “understanding” or secret agreement that was henceforth to be law among the lumber producers of Lake Michigan. It had been presented and accompanied with much confidential talk from Mr. Babcock--all tending to show that the lumbermen, with the sole exception of Mr. Higginson, were already united to forward this agreement, that the business would be organized as never before, that great economies would be brought about in the carrying side of the trade, that the strain of competition' would be avoided, that prices would be maintained at a somewhat higher figure (a main point, this) under penalty of fines, that--much more low talk and friendly disinterested confidences. For their interests were identical, said Mr. Babcock; and there was room for them all. Efficiency was the keyword--efficiency, productiveness, economy, identity of interests, good prices. And lastly there had been friendly, almost deferential intimations that G. Hyde Bigelow & Company held the key to the situation, that the combination was already a fact, and that a firm which might decide to stay out must take the consequences.