“All right.  A Mexican dam across the Pinas, a mile and a half of hillside canal, some concrete drops, twelve miles of curving mesa ditch, and the ranch is reached.  In addition, the flood water of Perro Creek can be utilized; I’ve worked this out, as well as the entire system of laterals for the land.  As stated, the cost of the whole project will be about sixty thousand dollars, present price of material and labour.  I’m on my way now to the capital to file application for a change in the present canal line, which, since it involves only government land, will naturally be allowed.  Of course Mr. Menocal isn’t taking kindly to my proposed use of this water.”  And Lee paused.

“What has he done?  Anything yet?”

“Not much so far, except a little futile skirmishing,” the engineer remarked, with twinkling eyes.  “When I paid off his mortgage on the land, I advised him that I should use the water:  and he threatened to have the water right cancelled.  But he backed up on that line when I promised to lodge him in jail for making false affidavits if he tried those tactics.  Thought I’d head him off in that direction at the start.  I got the jump on him there.  Well, now, he’s using indirect means to keep control of the water, sending half a dozen Mexicans to file claims at the base of the mountains where he imagines the canal will have to go.  He thinks these have blocked me; and I didn’t undeceive him.  He knows nothing about my actual line of survey on the mesa.  Of course, the loss of this water that he fancied he had hits him where it hurts, but from what I can gather Mr. Menocal isn’t a man to resort to illegal methods.  He’s wily, that’s about all.  So that’s the situation.”

The banker regarded Bryant for a time with a noncommittal face.

“State your proposition now,” said he.

“This is it,” Bryant went on.  “I propose to bond the ranch and water right for enough to build the project, then construct it, then market the land in farms at fifty dollars an acre.  The canal system can be completed easily next year, and sales and colonization proceed immediately when done.  Naturally, as a sale is made, the mortgage and notes will be put up behind the bonds to secure the latter.  The purchasers will pay down some cash, say, ten dollars an acre; that makes fifty thousand cash and two hundred thousand dollars in notes against sixty thousand dollars in bonds.  A visible profit of one hundred and ninety thousand.  That amount will be covered by a stock issue.  I shall set aside sixty thousand of it as a bonus to whoever purchases the bonds.  Thirty thousand more shall go to whoever markets the bonds, as a commission.  The remaining hundred thousand of stock——­”

“Goes to you, I presume.”