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314 "Not at all," Boyd countered, squaring his bulky form toward the speaker. "I've called this board together to do business; and I am pointing out a few basic facts to put it in mind to do business. I mean just this, if you want it plainly: You've made a damn bad deal in this Peyton business; just about as silly as the Las Flores loan."

"We got out of that in good shape," objected Squires, a director.

"By means of a miracle—the land boom," stated Boyd, caustically, "a miracle, I may add, that is not due to repeat; and will have to be paid for, in spite of what some people say." He stared sardonically at Squires, and the latter squirmed, remembering that Boyd had nipped him in the boom, and still held him. "Now when these Peyton notes come due—whether it's to-morrow or a year from to-morrow—one of two things will have to be done: either you'll have to renew the mortgage or you'll have to foreclose it. I shall resist renewal, and I shall give my reasons before the State Board of Examiners. Foreclosure will harm all concerned."

He paused so long that Oliver Mills felt constrained to say something.

"I suppose you have something to propose," he said wearily.

"Right! It is this: I will discount that paper at its full valuation."

A silence greeted this offer while the members digested the idea.

"I don't' believe I quite follow Mr. Boyd," said old Mr. Donovan at last. "He has been pointing out to us the undesirability of this matter in one breath; and then in the next he offers to take it over himself. I would like to have that discrepancy explained."

"Now, that is good, clear common sense," said Boyd, heartily, "and I am glad to explain in two words. My son is interested in the ranch business, and I am certain he can develop this property and put it on a paying basis."

"Have you talked with Colonel Peyton on this matter?" someone asked.

"I have made the Colonel substantial offers—more than he