This was the direct question that Halloran had partly foreseen. He hesitated, marking at random with a pencil while his thoughts came fast. At this moment he saw more clearly than he had seen at any time during the night what a refusal would mean. Wealthy as Mr. Higginson was, his wealth lay in the lumber lands, the logging railroad, in the mills and the steamers, and in Wauchung property; to a certain extent the whole town of Wauchung had grown up around Mr. Higginson and was directly or indirectly dependent upon him; and all these interests, hanging as they did on the lumber business, must suffer when this business was attacked. But he caught himself--if he ran on into this way of thinking he was lost. “Yes,” he replied; “I think we had better decline.” Mr. Higginson arose. “I will leave the letter to you,” he said; and then went out with a face that seemed to express downright-dread. Honest old gentleman, he had thought to take a rest; and instead he found himself facing the hardest fight of his career. Halloran took up his pen and made the attitude of Higginson & Company plain in three lines. CHAPTER II--Under Way In the parlour of the Higginson home, one evening shortly after the incident of the last chapter, sat Mrs. Higginson and her daughter, with expressions hardly significant of an intense joy in life. In the library, talking earnestly behind closed doors, were Mr. Higginson and Halloran. “Well, Mr. Halloran, what is it?” had begun the head of the firm. “The fight is on. I got the first word of it to-day.” Mr. Higginson bowed slightly and waited. “Bigelow has cut the price down below cost.” It took a moment for the older man to grasp the meaning of this. “Below cost?” he repeated. “Yes; it's going to be a question of endurance.” “But we have some large orders on hand. They will keep us busy for awhile. How does the Carroll & Condit lumber stand?” “It's about half cut out.” “You can go ahead with it, then, for this week. And after that the Michigan City contract will keep us busy for awhile.” “The Carroll & Condit business is what brought me here to-night. Here is a letter from them.” Halloran laid it on the table. “They offer us a chance to meet the new price before they place their order elsewhere.” Gradually the meaning of Halloran's words had been sinking into Mr. Higginson's mind; the relations of cause and effect had been clearing before him. He looked the letter over silently, twice, three times.