you imagine for a minute we'll keep the paper?" he inquired.
"Well, I should say not! We'll discount it ten, and if necessary
twenty, per cent. to make a quick clean-up and be out. A mortgage
company in the East will attend to that part of the business. These
mortgages run for ten years; you certainly don't think we'll sit
around that long waiting for our money and profits. The discount will
make the paper attractive to small investors, among whom it will be
peddled and who want long-time securities. And you'll profit from that
along with the rest of us; we couldn't leave you out if we wished."

"No, you can't leave me out of your calculations," said Bryant,
grimly.

"You see now, I hope, why it's to your interest as well as ours to
make the change I suggest," Gretzinger continued. "It will equal the
amount of the discount. In a year or so we'll all be out from under
with bonds and stock liquidated dollar for dollar. In other words,
with our profits in cash in the bank instead of in notes."

"And somebody else holding the sack, eh?" Bryant's aquiline nose came
down a little as he asked the question. "No, Gretzinger, you haven't
persuaded me, and you never will by that argument. A pretty rotten
scheme, that of yours. I shall go right ahead and use concrete."

"Then you don't intend to consider bondholders as having a voice in
matters?"

"No."

"Well, they're stockholders as well."

"Minority stockholders, that's all," Lee stated, coolly. "You've said
this is a matter of cold business. Very well; I'm the majority
stockholder and have the control. I consider it cold business to build
the drops of concrete as planned. I consider it cold business and good
business to provide the farmers with a safe system. And I shall do
that."

Again came Ruth's call, urging Gretzinger to hurry. He answered and
spoke a last word to Bryant, with a suddenly altered mien.

"You're an obstinate devil, Lee," he exclaimed, cheerfully. "I'll have
to think up some new arguments to get you over, I find. Now I must run
along, or the ladies will be up in arms--and not my arms, either."

Bryant helped him to button the curtains on the hood of the car, found
an instant when he could press Ruth's hand unobserved and murmur a
word in her ear, and stated that if the rain did not last he would run
down (he had picked up a second-hand Ford in Kennard) to Sarita Creek
after supper.

"I don't see half enough of you," Ruth said, giving him a pat o