mortgage on that.'"

"I'd forgotten," answered Vandover. "There's the block in the Mission.
He can have _that_."

Geary began to tremble with excitement. It looked as though he might be
able to make the deal after all. But the next instant he grew
suspicious. Vandover's indifference puzzled him. Might he not have some
game of his own? The idea of playing off his cleverness against that of
an opponent strung his nerves in an instant; the notion of an impending
struggle was almost an inspiration, and his innate desire of getting the
better of a competitor, even though it was his closest friend, aroused
his wits and sharpened his faculties like a stimulant. He had no
hesitancy in sacrificing his chum. It was business now; friendship
ceased to be a factor in the affair. Ah, Van was going to be foxy; he'd
show him that he could be foxy, too.

"He can have it?" echoed Geary. "You don't mean to sign it over to him
bodily?"

"Oh, I suppose it could be mortgaged," answered Vandover.

"Yes, that's the idea," returned Geary. "You want me to figure that out
for you? I can just as well as not. Well, now, let's see," he went on,
settling himself at the desk, and figuring upon a sheet of Vandover's
stamped letter-paper. "The banks will never give you more than two
thirds of the appraised value; that's as much as we can expect; that
would come to--well, let's see--that would come to six thousand on that
piece; then you could mortgage something else to make up the
difference."

"Wouldn't it be more than six thousand?" asked Vandover with a little
show of interest. "I think that block has been appraised at something
over twelve thousand."

"Ah, yes," returned Geary, putting his chin in the air, "that was your
agent's valuation five years ago; but you know property out there, in
fact, property all over the city, what they call inside property, has
been going right down for the last ten years. That's what I've always
been telling you. You couldn't possibly get more than nine thousand for
that block to-day. You see the railroad there hurts it."

"I suppose so," replied Vandover. "I've heard the governor say as much
in his time."

"Of course," exclaimed Geary, delighted at this unexpected turn.

"Well, then, he can have my bonds," said Vandover. "I've got eighty-nine
hundred in bonds; he can have those. Let him have anything he wants."

"Oh, don't touch your bonds," answered Geary. "Hang on to those. Bonds
are always good--U.S