Thompson

On the sixth day of October, 1914, plaintiff and defendant entered into a written agreement by the terms of which they agreed to settle a controversy existing between them “with respect to their rights in the growing and down timber” standing and lying upon certain designated land.

The terms of the agreement were in substance these: Within thirty days after the report of “arbitrators” who were to be chosen by the parties according to the method provided by the contract, the plaintiff promised to pay to the defendant the sum estimated by the said “arbitrators” as the value “of all the down and standing redwood and pine timber . . . suitable for merchantable lumber and suitable for the making of ties.” The defendant agreed that upon such payment he would make, execute, and deliver to the plaintiff, her heirs and assigns, a deed of all of the said timber. The contract in controversy, among other things, provided that “each of said parties . . . shall appoint and name one per'son as an arbitrator and the two arbitrators so appointed by the parties . . . shall agree upon and appoint a third person to act as arbitrator in said matters and . . . each and all of said arbitrators shall be…