ssibilities that they were anxious to be in it; it was only then
that he won her over to their way of thinking.

Meantime Jim and Margery were away out on the lake in a motor boat,
and they were both so loth to return that much hallooing and
horn-honking had to be done before they swung round shoreward.

After dinner at Royce Pederstone's, the ladies gathered together for
music and conversation, while the four men closeted themselves over
their cigars, in order to thrash out the burning question.

"That, gentlemen, is my exact financial position, as far as I know
it," said John Royce Pederstone, after a lengthy explanation. "This is
the bank's statement of my indebtedness to them. I received it
yesterday."

They studied the figures closely for a time, then Phil's father--shrewd
business man, quick to grasp a situation; clear-visioned, frank, lucid
and brief--put the proposition in a nut-shell.

"Mr. Pederstone,--the boys have two hundred and fifty thousand
dollars eating their paper heads off in idleness in the bank. I
have,--well--as much as I require at any time. I have come out West
to settle, and I mean to do so. If we don't come to an arrangement
with you, we intend buying from someone else.

"We have been all over your properties to-day and they comprise some
of the most valuable land in the Valley. The ranches are well laid
out, the fruit varieties are of the best. Unfortunately, these ranches
have not been too well looked after. The reason for this is not far to
seek. From what I can gather, there has been no proper supervision of
your various ranch foremen, who, evidently, have been devoting most of
their time to the places they themselves own, fattening and growing
rich meanwhile in some mysterious way, while you grew poor.

"The boys and I are willing to enter into joint partnership with you
for the purpose of paying off your entire indebtedness to the bank and
any others, so that the properties may be absolutely unencumbered.

"Between us, we can see to the proper future supervision of the farms.
We can get rid of all your useless help, hire competent foremen and
ranch-hands at good wages, and so have the trees properly cared for
and new ones planted to replace those that have been killed by the
winter cold or have died from neglect.

"Are you agreeable to the proposition?"

"No!" put in Royce Pederstone, "because there isn't a market for the
fruit when you have it harvested."

"Wait a moment! I