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Rh twenty-five dollars a thousand to over two hundred and fifty. What average annual per cent of increase does that represent? And do you see any signs yet that the up-curve is flattening out? And why is it unreasonable for me to consider these things in my forest business?"

When she began this argument Rowe's eyes had strayed out the window, as if watching for an arrival; he turned his head as though listening for an anticipated sound, but when she stopped Luke Taylor gave a slight twitching gesture to one hand and his secretary plucked at a crease in his pant leg and attempted a superior smile, unconvincing because of the confusion growing in his eyes.

"The head of the class, Miss Foraker," with an ironic nod. "But quite a long ways from our proposition. To get back where we started; what stumpage value do you place on the whole block?"

Helen sighed sharply and looked again at Luke. His cold eyes were on her, lighted with something that might have been interest, that might as well have been scorn.

"I have tried to tell you that this business is not for sale. No offer would be satisfactory, but I shall soon have timber for sale, about two hundred acres each year. I will want to harvest it myself, of course, because no one else would understand the job, any more than a stranger could successfully handle another man's farm without making mistakes. The stumpage value should come to around twenty dollars a thousand. Your cruiser has reported on that, beyond a doubt, and it will increase as the output becomes steady and special markets are developed."

"You can't get away from that idea of continuous output, can you? Honestly, considering everything, what