had permitted himself. "It needs financing, for it is a big thing, if it is anything."
"That is why I asked you to look at it," Boyd pointed out.
"Of course. Tell you what I'll do." He went on in his clipping style, mentioning names high in finance, outlining the company and defining the interests. Bates was too old a hand to try for an advantage over Boyd here; and the latter was too old a hand to suspect him of it. A usual business arrangement was outlined, to which Boyd gave his assent.
"But we can't go to these people until we have our proposition cinched," said Bates. "It's all right on paper: but it's all on paper. We've got to get our water rights, our rights of way, and our land under option. Then we can go to them and get what we need. I propose that we undertake that ourselves and reserve in compensation the promotion stock. All right?"
"Suits me," agreed Boyd.
"You should get it cheap."
"No trouble about the mountains and the rights of way. The only difficulty is in the chief tract for the farms?"
"You mean that big ranch—what do you call it?"
"Corona del Monte? Yes. It will be impossible to buy that."
"At any reasonable price, you mean?"
"At all."
"Well, that of course would block the whole scheme if there were no way out. But I imagine you did not get me down here just to tell me that. What do you propose?"
"No, of course not. It's this way: this ranch, like all those old properties, is mortgaged to the eaves. All its paper is held by the First National Bank here, and as I am a director I know all about it. The owner, an extinct old fossil of the usual kind, just manages to scrabble along. He pays the interest, but it strains him to do it."
"Yet you say he won't sell any of it?" struck in Bates keenly.
"No; not an acre. You've just got to believe that I know what I'm talking about. He's that kind of an old fool."
"All right: go ahead."
"Now this paper has been renewed at the bank as often as it
