Boyd could not quite make out the situation; though he thought he was beginning to see.
"Have a cigar, Colonel?" he proposed, to gain time to consider. "No? Mind if I smoke? Well, of course any one can see that a piece of that size and shape isn't ranch property. Arguello is going to grow; and the logical direction of growth is out this way. I suppose you naturally would expect to get more than ranch acreage prices: and on second thought I don't know why you shouldn't. I'm not going to pretend to haggle with you, Colonel. I'll give you a hundred dollars an acre flat for that piece."
"But, sir, you misapprehend" began the Colonel; but Boyd held up his hand.
"Let me finish. I was about to add a quarter interest in the net profits on the tract." He was not about to add this: but he read refusal in the Colonel's first word, and so hastened to raise his bid.
"But, Mr. Boyd, I really have no desire to sell any portion of the ranch."
"Now listen, Colonel. This piece is not really a part of the ranch. There aren't a dozen cattle a year stray over that way. I've ridden about nearly every day and I don't believe I've seen that many in two years."
"It's too near town for wild cattle," explained the Colonel. "My men keep them driven back as far as possible."
"There! What did I tell you! That strip isn't any good at all to you! And it would make ideal residence sites. As acreage it isn't worth fifteen dollars, and you know that perfectly well. But I am offering you twenty thousand dollars in cash, and a quarter interest in the net profits."
"Mr. Boyd," broke in the Colonel. "I am sorry to interrupt you, but I must repeat"
"Now, wait a minute, Colonel, let me finish before you come to any decision. That quarter interest in the net profits does not sound like much. But I am just back from the Los Angeles district, and let me tell you we are going to have a boom here that will open your eyes. I have the reputation of being a conservative business man, and I assure you that I fully expect
