From time to
time I discovered bondholders who needed money and hence unloaded at
a sacrifice; but by far the majority of the bonds I purchased for
your account were owned by local people who had lost confidence in
John Cardigan and the future of the redwood lumber industry
hereabouts. You understand, do you not?"
"I do not understand what all this has to do with a railroad."
"Very well--I shall proceed to explain." He held up his index finger.
"Item one: For years old John Cardigan has rendered valueless,
because inaccessible, twenty-five hundred acres of Laguna Grande
timber on Squaw Creek. His absurd Valley of the Giants blocks the
outlet, and of course he persisted in refusing me a right of way
through that little dab of timber in order to discourage me and force
me to sell him that Squaw Creek timber at his price."
"Yes," Shirley agreed, "I dare say that was his object. Was it
reprehensible of him, Uncle Seth?"
"Not a bit, my dear. He was simply playing the cold game of business.
I would have done the same thing to Cardigan had the situation been
reversed. We played a game together--and I admit that he won, fairly
and squarely."
"Then why is it that you feel such resentment against him?"
"Oh, I don't resent the old fool, Shirley. He merely annoys me.
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