was a political scandal from its birth. It is burdened with a multitude
of equities. It never has paid, and likely it never will pay. You know
these things as well as I do. I'm hanged if I see why you want it."

"If we don't get it some one else will," said York. "I wish you'd look
into their affairs, and see what sort of a legal bill of health they
have. I am putting our accountants on their finances."

"All right," said Rapp. "I'll give 'em a bill of health like a
pest-house record. Their bonded indebtedness is shocking, and they have
all sorts of litigation pending against them."

"I'll tell you one thing," York said. "They have a large land grant."

"Which they got because the land was worthless."

"Supposed to be worthless," York amended.

Rapp cocked his head like a terrier that suddenly discerns a large and
promising rat hole. "Come through," he said.

"This land," York explained, "is in the dry belt. It was supposed to be
worth nothing when the P.S. charter was granted, and so the government
of that day was generous with it. As a matter of fact, the land is good
when irrigated; and it can be irrigated--or most of it can."

"How do you know it's any good?"

"There are some first-class ranches down there."

"If that is so, why don't P.S. put the lands on the market? They need
the money."

"No advertising or selling machinery, and not enough money to put in an
irrigation system, and no credit. They can't afford to wait."

Rapp considered. "Plenty of water for these lands?"

"That's a question," York admitted. "The main water down that way is a
river called the Coldstream. The ranchers have their water records,
which of course take precedence of any we might file. There may be
enough--I don't know. That will have to be ascertained. But if this
stuff can be irrigated it can be sold. Our land department will look
after that."

"Almost any sort of an irrigated gold brick can be sold nowadays," said
Rapp cynically. "I admit that you have some pretty fair con men in your
land department."

"We never put anything on the market that wasn't a perfectly legitimate
proposition," said York, with dignity.

"Depends on what you call 'legitimate,'" said Rapp. "I've read some of
your land advertising. If you sold shares by means of a prospectus no
more truthful, you'd do time for it. You know blame well you unload
your stuff on people who depend on selected photographs and pretty pen
pictures of annual yields