t be honoured; hence he must ride to-morrow to San Juan
to see Engle, the banker. He was only a few hundred dollars short
there and Engle would help him to balance the account. The fifteen
hundred he owed the bank on his personal note could no doubt be
extended if necessary. There remained the money for the calves, the
thousand due Pony Lee and another thousand to pay his men and for such
necessities as would arise. All of this he would talk over with Engle.
It might be that the bank would take a mortgage on his equity in Desert
Valley and advance a considerable sum on it.

But he must not forget that the present crisis was not all to be
considered. Another year would bring the time of another payment to
Carr. In the meantime the ranch must be operated, it must be made to
pay. He had already planned on asking extensions from Engle; but it
did not enter his thought now to ask John Carr to wait.

'I've got my work cut out for me,' said Howard grimly. 'I've got to
work like hell, that's all. I've got to carve down expenses, fire men
I can manage without, be on the job all the time to buy in stock cheap
wherever it can be got and unload for a quick turnover and some ready
cash. I've got to go in for more hay and wheat another season; the
price is up and going higher. And real soon, the chances are, I've got
to sell some more cows.'

Before dawn he was at the men's bunk-house. He woke Chuck Evans and
told him to hurry into his clothes and come up to the house. When
Chuck came the two men sat down at the table, pencil and paper in
Howard's hand, Chuck's eyes keen upon his employer's set face.

'I'm right down to cases, Chuck,' said Howard bluntly. 'I am in up to
my neck, and that's all there is to it. As soon as I get through with
you I am off to San Juan to see if there is any real money left in the
world. I'll be back as soon as I can. But you get busy while I'm
gone. First thing, here are five men you will have to give their time.
Tell them why; tell them there's always a job open for them here when
I've got the cash for pay-day. Then you and what's left will get your
necks into your collars and go to it, long hours and hard work until we
pull out. Get the boys out this morning for another round-up. Bring
in every hoof and tail that will size up for a decent sale. If you can
get time, ride down to San Ramon and see if there's a chance to sell a
string of mules to the road gang. That's about all th