d acres, while the old Tetreau place comprised some five hundred
only. Something of his thoughts reflected in his face.

"Do you know the land?" she asked.

"Yes, I know it," he admitted. "Have you ever thought of selling the
land instead of ranching it? Has any one ever tried to sell it for you?"

"Oh, no," she replied. "I don't want to sell it--yet, a while, anyway.
Father's idea was to hold it till land increased very much in value.
Uncle Godfrey told him that was bound to occur. It was an investment,
you see. It cost only ten dollars an acre."

"You mean your father paid ten thousand dollars for the land!" Angus
exclaimed.

"Yes, in round figures. He never saw it. Uncle Godfrey said it was well
worth that, and of course he knows."

There was little that Angus could say. He was no stranger to
wild-catting in lands, but he held to the old idea that agricultural
land is worth what it will grow and no more: a maxim which, if
remembered by prospective purchasers, would cut down both sales and
disappointments. But the puzzling thing was that Godfrey French, who
wasn't an easy mark by any means, should have advised his relative to
pay ten dollars an acre for land half of which was too rough to
cultivate and of which all was non-irrigable; and this at a time when
good, wild land was to be had in plenty for from three to five dollars
an acre. Added to that was the abortive Braden-Chetwood deal. The one
clear thing was that Faith Winton had a bunch of worthless land. He
hoped that it did not represent her entire patrimony.

"You will find it hard work starting a ranch," he said. "Clearing,
breaking, fencing and so on are expensive, too."

"But whatever I spend will make the place worth that much more, and then
if I wish to sell I would have a better chance. People always prefer to
buy improved properties, I'm told."

Angus had neither the heart nor the nerve to tell her the truth.
Everything went to show that her father had been deliberately stung by
Godfrey French. Never in the world would he have paid ten dollars of his
own money for such a property. Had he paid ten dollars of Winton's
money? Angus doubted it. In plain language, his thought was that French
had paid about three dollars an acre, and either pocketed the difference
or split it with the seller.

"What does your uncle think about it?" he asked.

"He doesn't want me to try ranching. He says the place is increasing in
value anyway, and that I should no