He came back to camp somewhat late for his appointment and found Pat waiting in the office, but not alone.  Gretzinger stood, back to the stove, smoking a Turkish cigarette.

“Well, Bryant, I’ve returned to discuss our little business transaction,” he greeted.  “Judged this to be about the right time.  How’s the exchequer?”

“Little in it,” said Lee, hanging his coat and cap on a hook.  “But I made sure it was locked before leaving here; you might come any moment.”

“Oh, I don’t waste time on an empty box,” was the light answer.  “Mind if Carrigan hears what we say?  Don’t, eh?  Neither do I. He knows, or ought to know, you’re through.  And besides, I’ll want to discuss construction matters with him when you and I are done.”

“Perhaps Bryant can yet secure a loan somewhere,” the contractor remarked, mildly.

“From Menocal, possibly,” Gretzinger suggested, cocking his eyebrows at Carrigan with mock enthusiasm.  “If Bryant could have secured a loan, he would have had it in his pocket before this.  I made inquiry of McDonnell when I reached Kennard concerning the company’s cash account and discovered that it looked awful sick.  No, he can’t get money for the company except through me.”

“I see,” said Pat.

Gretzinger turned to Bryant.

“Now, Lee, let’s get down to brass tacks.  You’re played out as manager and engineer-in-chief, so it’s time for you to step out and give the men who are able a chance to complete the work.  I made you one offer; I’m prepared to-day to make even a better one.  The bondholders went thoroughly into the subject with me of what they could afford to pay you for your stock and a decision was finally reached to give you ten thousand dollars for your interest in the company.  Considering everything, that’s exceedingly liberal.  I’m authorized to draw a check for that amount to your order when you’ve assigned the shares.”

“Not enough,” Lee replied.  He sat down at his desk, lifted his feet to a window ledge, and held a match to his pipe.

“That’s the limit.”

“It’s not enough; I need more.”

“What you need and what you’ll take are two different things,” the other stated, sarcastically.

“Go higher,” Lee said, with his gaze upon the window.

“Not a cent!”

“I owe McDonnell twenty thousand that has gone into the canal.  I’ve put in my ranch, and land I traded for it, and months of work and organization—­value twenty thousand; and I figure my present control of things worth twenty thousand more.  But let us say fifty thousand.  I’ll sell for fifty thousand; that gives you my stock at fifty cents on the dollar.  Exceedingly liberal, I call it.”

The look the other directed at him was heavy with contempt.

“Ten thousand is all—­and make up your mind to that,” said he.  Then he faced round toward Carrigan, whom he addressed.  “I want you to increase the force to double its strength at once, so that the work—­”