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268 before I have finished with that piece of land to net from a hundred and fifty to two hundred thousand dollars. I know it sounds foolish, but I am certain it is not."

"I cannot follow the figuring of you modern financiers," smiled the Colonel. "I must confess it sounds a trifle optimistic."

"I'll tell you what I'll do," urged Boyd, whose plans came nearer to half a million, all told, than to the figure he named. "I'll guarantee personally that inside of a reasonable time, say eighteen months, your share will come to forty thousand dollars—that's in addition to the purchase price. Come on: go in partnership! We'll clean up!"

"I appreciate your offer, Mr. Boyd, though I can't quite follow your figures," began the Colonel.

"You don't need to—remember I'm guaranteeing," Boyd reminded him.

"Yes, I understand that; and I'm grateful to your offer of partnership. Your reputation as a man of affairs is quite familiar to me. But I really mean what I say: I do not wish to sell any of the Rancho."

"That is a pretty liberal offer. It is really the best any business man could do. I take all the risk, you must remember; and, of course, do the actual managing of the deal. What I have offered is really the highest price the deal could justify on its merits."

"Oh, Mr. Boyd!" cried the Colonel, in a panic of deprecation. "You must not misunderstand me! I am not attempting to haggle for higher terms. Those are almost too liberal, it seems to me. But I do not care to sell."

Boyd's heavy brows came together.

"Would you mind telling me why—since it is not the price?"

At his tone the Colonel's more delicate brows went up slightly.

"I have owned the Rancho de la Corona del Monte for more than thirty years, sir," he replied politely. "It is a property that it pleases me to retain intact."

Boyd restrained a movement of exasperation, and by an effort regained control of himself.

"Where can you find anywhere a piece of land that will