'No,' said Howard. 'Not if you've counted on more.' A flush ran up into his face and his eyes were inscrutable. He was conscious of being in the absurd mood to note trifles; John had come with his memoranda, John had meant to ask him for the money. 'I'd just as lief pay twenty-five hundred extra now as at any time.' And with lowered head and sputtering pen he wrote the cheque.

'I don't want to inconvenience you, Al,' Carr accepted the cheque with certain reluctance. 'Sure it's all right?'

'Sure,' said Howard emphatically. He tossed the pen and book into the drawer. Now the awkwardness of the silence upon them was more marked than ever before. Carr tarried only a few minutes, during which both men were ill at ease. Only an expressionless 'So long!' passed between them when he got up to go. They might see each other again before Carr went East; they might not. Howard went back to his chair at the table, staring moodily at the bluebird feather.

Nothing of the instinct of a clerk had ever filtered into the habits of Alan Howard. His system of books was simple. He set down in one place the amounts which came in; in another place those expended. He added and subtracted. He deposited his money in the bank and checked it out. He must bank more when the last was gone. That was about all. It was seldom that he knew just how far his assets were above his liabilities or below. But to-night he knew that he had strained his account. He had counted on paying ten thousand and had paid twelve thousand five hundred. He turned first to his cheque-book, which had not been balanced for a couple of months. No adept at figures he spilled much ink, scratched out many calculations and went through them again, grew hot and exasperated and finally before he got anywhere was in a mood to damn everything that came under his hand. It was midnight when he had assembled upon one sheet of paper an approximately truthful statement of his financial condition. And then he sat back limply and lifted his eyebrows and whistled.

Within something less than thirty days he must take up a note which Pony Lee held for a thousand dollars; Pony would want the money and had said as much when he had advanced it. Then there were the calves, due within the week, from French Valley; Tony Vaca was rushing them, was selling at a very low figure and would want his money on the nail. Well, he must have it. That was another seven hundred dollars. There was another note held by Engle, down in San Juan. The banker might extend it; he might not. It was for fifteen hundred dollars, and would fall due within sixty days. On top of this were the running expenses: the ranch was working full-handed, the men would want their wages a week from Saturday: this was Tuesday. He turned to their accounts; three or four of them had not drawn down last month. They would all want their money when next pay-day came. He estimated the amount. In the neighbourhood of seven hundred dollars. He totalled all of these forthcoming payments. The aggregate was close to four thousand dollars. And his cheque-book, balanced to date, indicated that he had overdrawn to make the payment to Carr. He could have paid the ten thousand and have had something over two thousand in cold cash to run on; now he had not enough in the San Juan bank to make his own cheque good.

'If Carr had only been satisfied with the ten thousand,' he muttered. 'Or if he had given me warning ahead that he wanted the extra twenty-five hundred. Now what?'

None of these issues were clouded, and in due time he decided upon all points. He gave up all thought of bed, made himself a pot of coffee and sat up all night, devoting himself to details. The cheque he had given Carr must be honoured; hence he must ride to-morrow to San Juan to see Engle, the banker. He was only a few hundred dollars short there and Engle would help him to balance the account. The fifteen hundred he owed the bank on his personal note could no doubt be extended if necessary. There remained the money for the calves, the thousand due Pony Lee and another thousand to pay his men and for such necessities as would arise. All of this he would talk over with Engle. It might be that the bank would take a mortgage on his equity in Desert Valley and advance a considerable sum on it.

But he must not forget that the present crisis was not all to be considered. Another year would bring the time of another payment to Carr. In the meantime the ranch must be operated, it must be made to pay. He had already planned on asking extensions from Engle; but it did not enter his thought now to ask John Carr to wait.

'I've got my work cut out for me,' said Howard grimly. 'I've got to work like hell, that's all. I've got to carve down expenses, fire men I can manage without, be on the job all the time to buy in stock cheap wherever it can be got and unload for a quick turnover and some ready cash. I've got to go in for more hay and wheat another season; the price is up and going higher. And real soon, the chances are, I've got to sell some more cows.'

Before dawn he was at the men's bunk-house. He woke Chuck Evans and
told him to hurry into his clothes and come up to the house. When
Chuck came the two men sat down at the table, pencil and paper in
Howard's hand, Chuck's eyes keen upon his employer's set face.