case; eight per cent. is too much for money. Besides, I want the ranch
clear of incumbrance."

With an expressionless face Menocal gazed at the draft, turned it
over, examined the back, then at last laid it down on his desk.

"Isidro," he called to the teller, "make out a mortgage release for
the Stevenson place. Copy the description from the mortgage in my file
in the vault. Afterward credit six hundred dollars to--What is your
name?"

"Lee Bryant."

"Six hundred dollars to Lee Bryant, Isidro. Mr. Bryant will give you
his signature." Again facing his visitor, he said, "Do you know that
that ranch has no water to speak of? I'm afraid you may not find the
property what you expect."

"It has a good appropriation from the Pinas River here."

"Ah, but it can't be used," Menocal exclaimed, with a bland smile.

"I propose to use it."

"What!"

Bryant kept his eyes fixed on the amazed banker's orbs.

"Didn't I speak clearly?" he inquired. "I own one hundred and
twenty-five second feet of water in this river and it's my intention