partnership between us,
such as I had with your late uncle, one of my best friends. I believe my
plan will be for the best interests of both of us.{~HORIZONTAL ELLIPSIS~} I suppose you know
about what the arrangement was between the Don and myself?"

"No; not in detail," Ramon confessed. He felt MacDougall's power at once.
Facing the man was a different matter from planning an interview with him
when alone. But he retained sense enough to let MacDougall do the talking.

"Have a cigar," the great man continued, full of sweetness, pushing a
large and fragrant box of perfectos across the desk. "I will outline the
situation to you briefly, as I see it." Nothing could have seemed more
frank and friendly than his manner.

"As you doubtless know," he went on, "your estate includes a large area of
mountain and _mesa_ land--a little more than nine thousand acres I
believe--north and west of the San Antonio River in Arriba County. I own
nearly as much land on the east side of the river. The valley itself is
owned by a number of natives in small farming tracts.

"I believe your estate also includes a few small parcels of land in the
valley, but not enough, you understand, to be of much value by itself.
Your uncle also owned a few tracts in the valley east of the river which
he transferred to me, for a consideration, because they abutted upon my
holdings.

"Now the valley, as I scarcely need tell you, is the key to the situation.
In the first place, if the country is to be properly developed as sheep
and cattle range, the valley will furnish the farming land upon which hay
for winter use can be raised, and it also furnishes some good winter
range. Moreover, it is now an open secret that the Denver and Rio Grande
Railroad proposes building a branch line through that country and into the
San Juan Valley. No surveys have been made, but it is certain that the
road must follow the San Antonio to the top of the divide. There is no
other way through. I became aware of this project some time ago through my
eastern connections, and told your uncle about it. He and I joined forces
for the purpose of gaining control of the San Antonio Valley, and of the
railroad right-of-way.

"The proposition is a singularly attractive one. Not only could the
right-of-way be sold for a very large sum, but we would afterward own a
splendid bit of cattle range, with farming land in the valley, and with a
railroad running through the centre of it. There i