manage her ward's fortune as she would; but at any time this
power might be dissolved and she be called to a full accounting. This
done, and it was a continual menace, Mrs. MacGregor would be in no
position either to take or to demand a share in her ward's investments.
She proposed to remain in this doubtful position just as short a time as
possible. A deed to a property bought with her ward's money, would leave
no scattering crumbs which she could gather for herself. With the deed
made over to a company, the case would be different. Her ward's money
would in this case, lose its identity. A ten per cent interest in a
capitalization of two millions, could be balanced with two hundred
thousand of its stock at par, and leave Elijah and Mrs. MacGregor to
repay themselves for their efforts. This was earnestly talked over
between the two. Elijah was not at all easy in his mind; but he could
say nothing. He had tried; but he was no match for Mrs. MacGregor's
polished logic.

Mrs. MacGregor not only made no objections to including Helen Lonsdale
in their arrangements, but had on the contrary, kept her interests a
prominent figure in their transactions. She had no question but that in
this way she would bind Helen closely to herself.

"Look at the facts squarely," said Mrs. MacGregor to Elijah. "Your
supply of water is almost here. There is only a small hill between the
main canal of the Las Cruces and us. A few thousand dollars will tunnel
the mountain. A few thousand more will take the water within reach of
every hundred acres. We have given three hundred thousand dollars for
this land. Even at fifty dollars an acre, it is worth ten million
dollars. My ward's two hundred thousand dollars will grow to one million
dollars. Isn't that a justification for you and me as well?"

Elijah shook his head.

"If it should fail?"

"If," Mrs. MacGregor emphasized the conjunction, "is one of the first
steps toward failure. You could go to Ysleta tomorrow, and sell this
whole property, as it stands, for twice the amount we have paid down for
it, even including the mortgage of one hundred thousand."

Elijah was thinking aloud.

"With your four hundred thousand, you could repay your ward in full. You
and I would then have one hundred thousand each. I could,--" he paused
and then the words shot forth, "replace the fifty thousand I borrowed,
and be a free man."

Elijah and Mrs. MacGregor were being enlightened as to each other. Mrs.
Mac