an acre. You may have
calculated that no one who got hold of the Perro Creek ranch ever
would or could use the water, but in that you were in error: I can and
will use it, and you must understand that fact."

Menocal fell into consideration. He folded his hands across his
stomach and remained thus, pondering, occasionally lifting his lids
for a scrutiny of Bryant's face.

"I'll give you ten thousand cash for the place as it stands and hand
you my check now," he said, at length.

"Not to-day, thank you," the engineer replied.

"What is your price?"

"The ranch isn't for sale. It'll be worth a quarter of a million when
it's watered. No, it's not on the market at present."

A deep sigh issued from the banker's lips; he blinked slowly several
times before speaking, with a resigned countenance.

"I see you've some capitalists behind you," said he, "for it will take
money to build a dam and a canal. If they saw a reasonable profit
without the trouble of construction, no doubt they would be willing to
sell."

"Put your mind at rest, Mr. Menocal; you have only me to deal with;
there are no capitalists running this show yet. But the water system
will be built, never fear."

Menocal's eyebrows went up. "Ah, so?" he asked, softly.

Then his face smoothed itself out; and Bryant realized that he had
been led into a betrayal of importance.

"You would do well to name a price, Mr. Bryant."

"No; I propose to develop the ranch," the engineer answered, curtly.
"Is the release made out? If it is, I'll be on my way."

"It's too bad you refuse, too bad," Menocal said, with a lugubrious
shake of his head.

He called Isidro. The clerk placed a card before Bryant for his
signature and gave him a check book. Then he laid the mortgage release
in front of Menocal, who signed and passed it to the engineer.

"You'll find it correct," the Mexican stated. "Isidro is a notary and
has filled out the acknowledgment."

Nevertheless, the visitor took care to read the paper and compare it
with his deed before he rose.

"Well, that ends my business for the afternoon," said he, "and I'll
take no more of your time. You understand where I stand, Mr. Menocal."

The latter gave a number of slow nods saying, "I understand, I
understand. Good day, Mr. Bryant. And remember that you have an
account with us and that the bank will be pleased to render you any
service possible."

Sleepily the banker, watching through the bank window, saw the y