s. We'll deduct fifty per cent for operating
expenses, losses, and so on. That would leave about fifteen thousand.
You've been fighting the Circle Bar for several years. We'll call it
five. Five times fifteen thousand is seventy-five thousand. That
represents the sum which my father would have made from the Circle Bar
if you had not fought him. Add to that the thirty thousand which you
admit would be a fair figure for the ranch if the Association were
eliminated as a factor, and we have a total of one hundred and five
thousand dollars." He smiled and leaned a little farther back in his
chair, narrowing his eyes at Dunlavey. "Now we have reached a point
where we can get somewhere. I'll take one hundred thousand dollars for
the Circle Bar."

The calm announcement had no effect upon Dunlavey except to cause him to
grin derisively.

"For a tenderfoot you're pretty slick," he allowed, his teeth showing.
"You've figgered it out so that it sounds right reasonable. But you've
forgot one thing. The Cattlemen's Association ain't eliminated. It says
that the Circle Bar is worth fifteen thousand. You'll take that or----"
He smiled grimly, holding back the threat.

"I think I know what you mean," said Hollis quietly, without changing
color. "You mean that the Cattlemen's Association will continue its
fight and eventually ruin the Circle Bar. Perhaps it will--no man can
tell what lies in the future. But I can tell you this: you can't retard
progress."

"No?" said Dunlavey with an irritating drawl.

Hollis smiled composedly. He spoke without bitterness. "Dunlavey," he
said, "I'm going to tell you something which you perhaps know but will
not admit. Your Association has been successful in pulling the strings
which make the politicians at Washington jump to do your bidding. I
don't accuse you of buying them, but in any event they have greased the
ways over which your Association has slipped to power. And now you think
that the impetus you have gained will carry you along indefinitely. It
won't. Everything in this world runs its natural course and when it does
there comes an end.

"If you were endowed with the average foresight you would be able to see
that things cannot always go on the way they have. The law must come. It
is inevitable. Its coming will be facilitated by such organizations as
the Cattlemen's Association and by such men as you. Back in the East the
forces of Good and Bad are battling. The forces of Good will be
v