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218 its feet; and then a revision of methods. The old days are over, Richard. We old codgers have got to realize that."

"I suppose so, Oliver," acknowledged the Colonel, whose usually sunny and exuberant spirits had been depressed by the three sheets of figures. "Have you any suggestions?"

"Yes, I have," replied Mills, briskly. "You've got to get rid of those hotels. They're white elephants as it is now. I can turn them over to a syndicate for you; and you will be free from that burden, and at the same time be able to lift your most pressing needs at the ranch. You know, Richard, you are very considerably in arrears there, and while as a person I would do anything in the world for you, as a banker I must begin to think more of my stockholders. This is going to be a bad year. The banks are inclined to be as liberal as possible, but they must stop short of the safety line." The little banker was obviously nervous and embarrassed. He saw he must speak more plainly, and he hated to do it. The Colonel's expression was that of a bewildered child. If the matter had depended on himself alone, he would have managed somehow to evade it and let things drift for a little while longer, but the board of directors had given him some very positive instructions in this and in a number of cases. The new director, Patrick Boyd, had made him very uncomfortable. "We will have to do some foreclosing this year, I am afraid," he continued; then after a pause he blurted it out: "We want to avoid foreclosing on you."

The Colonel sat up very straight, and his eyes flashed.

"On me? On Corona del Monte?" he cried. "Exactly what do you mean, sir?"

"Do you know just how much you owe? and how far behind your interest payments you are? and how deeply involved your two hotels are? and what deficit they are making?" asked the banker, reaching for another sheet of figures. "No, by gad, sir, I do not! At least I have not the figures by me. But what has that to do with this extraordinary statement—foreclose on me?"

Oliver Mills was very patient and very considerate. He succeeded in convincing the Colonel that the situation was serious: he succeeded in allaying the first indignation; he did not at all