Later on came the sheep-feeding period, and after that the utilization of larger crop-raising areas. The small ditches proving inadequate for these, Colonel Baldwin had formed a stock company among his neighbors in the grass-lands and his friends in Brewster for the building of a substantial dam in the eastern hills. The project had seemed simple enough in the beginning. The stock was sold for cash and each stockholder would be a participating user of the water. Williams, who had been a United States reclamation man before he came to the Timanyoni, had made careful estimates, and the stock subscription provided money enough to cover the cost of the dam and the main ditch.
After some little bargaining, the dam site and the overflow land for the reservoir lake had been secured, and the work was begun. Out of a clear sky, however, came trouble and harassment. Alien holders of mining claims in the reservoir area turned up and demanded damages. Some few homesteaders who had promised to sign quitclaims changed their minds and sued for relief, and after the work was well under way it appeared that there was a cloud on the title of the dam site itself. All of these clashings were carried into court, and the rancher promoters found themselves confronting invisible enemies and obstacle-raisers at every turn.
The legal fight, as they soon found out, cost much money in every phase of it; and now, when the dam was scarcely more than half completed, a practically empty treasury was staring them in the face. This was the situation which called for its regular threshing out in every conference between Colonel Baldwin and his chief of construction. There was no disguising the fact that a crisis was approaching, a financial crisis which no one among the amateur promoters was big enough to cope with.
"We've got to go in deeper, Colonel; there is nothing else to do," was the engineer's summing up of the matter at the close of the conference. "The snow is melting pretty rapidly on the range now, and when we get the June rise we'll stand to lose everything we have if we can't keep every wheel turning to get ready for the high water."
Baldwin was holding his cigar between his fingers and scowling at it as if it had mortally offended him.
"Assessments on the stock, you mean?" he said. "I'm afraid our crowd won't stand for that. A good part of it is ready to lie down in the harness right now."
"How about a bond issue?" asked the engineer.
"Lord of heavens! What do we, or any of us, know about bond issues? Why, we knew barely enough about the business at the start to chip in together and buy us a charter and go to work on a plan a little bit bigger than the neighborhood ditch idea. You couldn't float bonds in Timanyoni Park, and we're none of us foxy enough to go East and float 'em."
"I guess that's right, too," admitted Williams. "Besides, with the stock gone off the way it has, it would take a mighty fine-haired financial sharp to sell bonds."
"What's that?" demanded the president. "Who's been selling any stock?"