w on the second day of August it touched 10.37. With a bale to the
acre at that price Bob could add $30,000 to his estimated expense and
still clear a hundred thousand dollars on this crop. When he thought
of it as he rode along the water ditches in the early evening, he grew
fairly dizzy with hope. But then on the other side: the unformed
menace--Reedy Jenkins owned the water system!

The fear had taken tangible shape when he got his water bill for June.
But there was no raise in price. Again yesterday, the bill for July
came, and still no raise in price.

It was ten o'clock that night when he got into Calexico and went to the
hotel.

As the clerk gave him the key to his room, he also handed him a letter,
saying:

"A special delivery that came for you an hour ago; I signed for it."

Bob's fingers shook slightly as he took it. Glancing swiftly at the
corner of the envelope he read:

DILLENBECK WATER CO.

CHAPTER XXII

Reedy Jenkins, the first night of August, sat in his office, the
windows open, the door open, the neck of his soft shirt open, and his
low shoes kicked off. But his plump, pink face was freshly shaven and
massaged and he wore two-dollar silk socks. Even in dishabille Reedy
had an air of ready money.

There had been dark days last fall when he had been so closely cornered
by his creditors that it took many a writhe and a wriggle to get
through. Nobody but himself, unless it was the dour Tom Barton, knew
how overwhelmingly he was bankrupt.

But Reedy had kept up an affable front to all his creditors and a ready
explanation. "We are all broke, everybody in same boat. Why sweat
over it? Of course I've got some cotton across the line; we'll just
leave it there and save the duty until it'll sell. Then I'll pay out."

He kept up this reassurance until cotton began to sell, and then he
postponed:

"Wait; we are all easier now. Got enough so I can cash in any day and
have plenty to pay all bills. But just wait until it goes a little
higher."

And when it had gone to eight cents, eight and a half, and at last
nine, his creditors had ceased to worry him. Now that Reedy could sell
out any day and liquidate, and still be worth a hundred thousand or
more, there was no hurry to collect. Nobody wants to push a man who
can pay his debts any hour. Some of them even began to lend him more
money. He had borrowed $25,000 as a first payment on the $200,000 for
the Dillenbeck water sys