e red
wheat Wyllard raises generally commands a cent or two a bushel more
from the big milling people than anything put on the market round here."

Edmonds made a sign of agreement. He had without directly requesting
him to do so led Hawtrey into showing him round the Range that
afternoon, and having of necessity a practical knowledge of farming he
had been impressed by all that he had noticed. The farm, which was a
big one, had evidently been ably managed until a little while ago, and
he felt the strongest desire to get his hands on it. This, as he
admitted, would have been out of the question had Wyllard been at home,
but with Hawtrey, upon whom he had a certain hold, in charge, the thing
appeared by no means impossible.

"Oh, yes," he said. "I suppose he was reasonably liberal over your
salary."

"I don't get one. I take a share of the margin after everything is
paid."

Edmonds carefully noted this. He was not sure that such an arrangement
would warrant one in regarding Hawtrey as Wyllard's partner, but he
meant to gather a little more information upon that point by and bye.

"If wheat keeps on dropping there won't be any margin at all next year,
and that's what I'm inclined to figure on," he said. "There are,
however, ways a man with nerve could turn it to account."

"You mean by selling wheat down."

"Yes," said Edmonds, "that's just what I mean. Of course, there is a
certain hazard in the thing. You can never be quite sure how the
market will go, but the signs everywhere point to still cheaper wheat
next year."

"That's your view?"

Edmonds smiled, and took out of his pocket a little bundle of market
reports.

"Other folks seem to share it in Winnipeg, Chicago, New York, and
Liverpool. You can't get behind these stock statistics, though, of
course, dead low prices are apt to cut the output."

Hawtrey read the reports with evident interest, and, as it happened,
they were all in the same pessimistic strain, though he was not aware
that his companion had carefully selected them with a view to the
effect he fancied they would produce. Edmonds, who saw the interest in
his eyes, leaned towards him confidentially when he spoke again.

"I don't mind admitting that I'm taking a hand in a big bear
operation," he said. "It's rather outside my usual business, but the
thing looks almost certain."

Hawtrey glanced at him with a gleam in his eyes. There was no doubt
that the prospect of acquiring d