pared a comprehensive list of the
Nelson holdings, together with maps showing their acreage and
production, the location of drilling wells, the ownership of adjoining
properties, and the like. There was also a considerable amount of data
concerning the terms of the Nelson leases, renewal dates, and such
matters. Gray was forced reluctantly to admit that his enemy was more
strongly intrenched than he had supposed; careful study of the data
showed that the Nelson acreage had been well selected and that it was
scientifically "checkerboarded" throughout the various fields. What was
more significant was the amount of proven or semiproven stuff.

"It took work and money to get together that group of leases," Brick
Stoner declared, after he had checked them off. "That's one of the best
layouts in Texas, and they're shaped up to put over a big deal if they
want to."

"They lack production," said Gray.

"Sure! But they'll have it before long. Lookit the wells they're
putting down and that's going down around 'em."

The former speaker chewed his cigar thoughtfully for a while, then: "I
don't believe they contemplate a big deal. They're not that sort. Henry
Nelson is selfish and suspicious, and I'm told that Bell wouldn't trust
anybody. I'm informed also that every dollar they have made has gone
back into new leases and wells and that they intend to hold everything
for themselves. It is rumored, quietly, that they are overextended."

"I wouldn't care how thin I was stretched if I had their gamble,"
McWade asserted. "All they have to do is to sit tight. The law of
average will pull them out. What do you intend to do?"

"To begin with, I intend to stretch them even thinner--so thin they'll
break, if that is possible."

"You can't load them up with more property."

"Certainly not, but I can make them drill more wells."

"Offsets, eh?" Stoner studied the map a bit doubtfully. "You can't make
'em offset dry holes, and if they strike oil in their wells the other
fellers will have to do the offsetting."

"True. I can, of course, prevent them from extending their renewals. I
can cost them a pretty penny just by forcing them to a rigid adherence
to the terms of their leases and agreements and--"

"What do you mean, 'offsets'?" Mallow inquired. "How you going to break
a man by bringing in wells alongside of his property? That'll make him
rich."

"Can you beat that?" Stoner inquired. "Mallow's been selling oil stock
and expert