ndow. Bill said nothing, his face was
calm. He intended the money-lender to speak first. The latter seemed
indisposed to do so. His lashless eyes gazed steadily out at the prairie
beyond. "Lord" Bill's persistent silence at length forced the other into
speech. His words came slowly and were frequently punctuated with deep
breaths.

"Your ranch--everything you possess is held on first mortgage."

"Not all." Bunning-Ford's answer came swiftly. The abruptness of the
other's announcement nettled him. The tone of the words conveyed a
challenge which the younger man was not slow to accept.

Lablache shrugged his shoulders with deliberation until his fleshy jowl
creased against the woolen folds of his shirt front.

"It comes to the same thing," he said; "what I--what is not mortgaged is
held in bonds. The balance, practically all of it, you owe under
signature to Pedro Mancha. It is because of that--latest--debt I am
here."

"Ah!"

Bill rolled a fresh cigarette and lit it. He guessed something of what
was coming--but not all.

"Mancha will force you to meet your liabilities to him. Your interest is
shortly due to the Calford Loan Co. You cannot meet both."

Lablache gazed unblinkingly into the other's face. He was thoroughly
enjoying himself.

Bill was staring pensively at his cigarette. One leg swung pendulum
fashion beside the desk. His indebtedness troubled him not a jot. He was
trying to fathom the object of this prelude. Lablache, he knew, had not
come purposely to make these plain statements. He blew a cloud of smoke
down his nostrils with much appreciation. Then he heaved a sigh as
though his troubles were too great for him to bear.

"Right--dead right, first time."

The lazy eyes appeared to be staring into space. In reality they were
watching the doughy countenance before him. "What do you propose to do?"
Lablache asked, ignoring the other's flippant tone.

Bill shrugged.

"Debts of honor must be met first," he said quietly. "Mancha must be
paid in full. I shall take care of that. For the rest, I have no doubt
your business knowledge will prompt you as to what course the Calford
Loan Co. and yourself had best adopt."

Lablache was slightly taken aback at the cool indifference of this man.
He scarcely knew how to deal with him. He had driven out this morning
intending to coerce, or, at least, strike a hard bargain. But the object
of his attentions was, to say the least of it, difficult.

He moved un