"It ain't as bad as it looks," came after a moment's survey. "It's only right 'ere at the beginning that it's caved. But that does n't do us much good."

"Why not?" Fairchild was staring with him, on toward the darkness of the farther recesses. "If it is n't caved in farther back, we ought to be able to repair this spot."

But Harry shook his head.

"We did n't go into the vein 'ere," he explained. "We figured we 'ad to 'ave a shaft anyway, sooner or later. You can't do under'and stoping in a mine—go down on a vein, you know. You 've always got to go up—you can't get the metal out if you don't. That's why we dug this shaft—and now look at it!"

He drew the flickering torch to the edge of the shaft and held it there, staring downward. Fairchild beside him. Twenty feet below there came the glistening reflection of the flaring flame. Water! Fairchild glanced toward his partner.

"I don't know anything about it," he said at last. "But I should think that would mean trouble."

"Plenty!" agreed Harry lugubriously. "That shaft's two 'unnerd feet deep and there 's a drift running off it for a couple o' 'unnerd feet more before it 'its the vein. Four 'unnerd feet of water. 'Ow much money 'ave you got?"

"About twenty-five hundred dollars."

Harry reached for his waving mustache, his haven in time of storm. Thoughtfully he pulled at it, staring meanwhile downward. Then he grunted.

"And I ain't got more 'n five 'unnerd. It ain't enough. We 'll need to repair this 'oist and put the skip in order. We 'll need to build new track and do a lot of things. Three thousand dollars ain't enough."