"You've got us down," laughed Bromley. "It's only a name to me; the name of one of the theoretical metals cooked up in laboratory experiments. And I venture to say it is even less than that to Breckenridge."

"It is a very rare metal, and up to within a few years has never been found in a natural state or produced in commercial quantities," explained the analyst, mounting and riding his hobby with apparent zest. "A refined product of zirconia, the earth itself, has been used to make incandescent gas-mantles; and it was M. Léoffroy, of Paris, who discovered a method of electric-furnace reduction for isolating the metal. It was a great discovery. Zirconium, which is exceedingly dense and practically irreducible by wear, is supplanting iridium for the pointing of gold pens, and its value for that purpose is far in excess of any other known substance."

"But Colonel Craigmiles never ships anything from his mine, so far as any one can see," Ballard cut in.

"No? It isn't necessary. He showed us his reduction-plant—run by water-power from the little dam in the upper canyon. It is quite perfect. You will understand that the actual quantity of zirconium obtained is almost microscopic; but since it is worth much more than diamonds, weight for weight, the plant needn't be very extensive. And the fortunate miner in this instance is wholly independent of the transportation lines. He can carry his output to market in his vest pocket."

After this, the talk, resolutely shunted by Ballard, veered aside from Arcadian matters. Later on, when Bromley was making up a shake-down bed in the rear room for the guest, the Kentuckian went out on the porch to smoke. It was here that Bromley found him after the Bostonian had been put to bed.

"Now, then, I want to know where you got that sample, Breckenridge?" he demanded, without preface.

Ballard's laugh was quite cheerful.

"I stole it out of one of the colonel's ore bins at the entrance of the mine over yonder."

"I thought so. And the shots?"

"They were fired at me by one of the Mexican night guards, of course. One of them hit the hat as I was running away, and I was scared stiff for fear Gardiner's sharp old eyes would discover the hole. I'm right glad for one thing, Loudon; and that is that the mine is really a mine. Sometimes I've been tempted to suspect that it was merely a hole in the ground, designed and maintained purely for the purpose of cinching the Arcadia Company for damages."