moods he was, she reflected.

"You despair of being able to pay my father the mortgage and regain
your ranch?" she asked, at length.

He nodded.

"But you'll fight to win--and fight to the finish, will you not?" she
persisted.

He glanced at her sharply. "That is my natural inclination, Miss
Kay--when I permit sentiment to rule me. But when I apply the
principles of sound horse sense--when I view the approach of the
conflict as a military man would view it, I am forced to the conviction
that in this case discretion is the better part of valor. Battles are
never won by valorous fools who get themselves killed in a spectacular
manner."

"I see. You plan to attempt the sale of your equity in the ranch
before my father can finally foreclose on you."

"No, that would be the least profitable course to pursue. A
hundred-thousand-acre ranch is not sold in a hurry unless offered at a
tremendous sacrifice. Even then it is of slow sale. For the following
reasons: Within a few years, what with the rapid growth of population
in this state and the attrition of alien farmers on our agricultural
lands, this wonderful valley land of the Rancho Palomar will cease to
be assessed as grazing land. It is agricultural land and as a matter
of equity it ought to pay taxes to the state on that basis. And it
will. I do not know--I have never heard of--a cattleman with a million
dollars cash on hand, and if I could find such a cattleman who was
looking for a hundred thousand acre ranch he would not want half of it
to be agricultural land and be forced to bankrupt himself paying taxes
on it as such."

"I think I understand. The ranch must be sold to some person or
company who will purchase it with the idea of selling half of the ranch
as grazing land and the valley of the San Gregorio as agricultural
land."

"Quite so. I would have to interest a sub-division expert whose
specialty is the sale of small farms, on time payments. Well, no
business man ever contemplates the purchase, at a top price, of
property that is to be sold on mortgage foreclosure; and I think he
would be an optimist, indeed, who would bid against your father."

"Of course," he continued, patiently, "when the ranch is sold at
auction to satisfy the mortgage your father will bid it in at the
amount of the mortgage, It is improbable that he will have to pay more."

"Am I to understand then, Don Mike, that for approximately three
hundred thousand dollars h