Shandon was surprised when he saw Ettinger ride up. He was more surprised at Ettinger's manner when he insisted on Shandon saddling and riding with him where there "wouldn't be no chance of bein' overheard." Once clear of the house and outbuildings and in the valley where his shrewd little eyes made sure that no other ears than Shandon's would overhear, Ettinger plunged eagerly into his errand. In brief it was this: Ettinger owned five hundred acres of valley land, down in Dry Valley, some thirty miles from the Bar L-M bunk house. Shandon knew the place well. Ettinger had, also, some money in the bank. How much it was not his cautious way to say until he was obliged to. How much would Shandon say his ranch was worth? Shandon did not know, but hazarded the guess that it might bring twenty-five dollars an acre. He did not consider it worth more because it was good grazing land only for part of the year, and like the rest of the valley there was scant water on it through the summer. Twelve thousand five hundred dollars? Ettinger cackled; he could sell it to-morrow for seventy-five thousand! Shandon began to feel the first dim stirrings of interest. Ettinger's excitement was too genuine not to awaken certain glimmerings of interest. Water, that was the thing! Now, if there were water, plenty of water, in Dry Valley; if a man could flood his land from brimming ditches then what would happen? The soil was deep and rich; it had been slipping down from the mountains for centuries; it had never been worn out by farming. Twenty-five dollars an acre? What were the other California valley lands worth where there was the same soil, no better climate and water galore? Napa Valley, Santa Clara Valley, Sacramento Valley? A hundred dollars an acre was dirt cheap; a man thought nothing of paying for a small ranch five hundred dollars an acre! That was true enough, and Shandon knew it. But there was that tremendous IF. "It's all right, Ettinger. All but the water! And since the water is the whole thing, and I don't see where you're going to get it--" "Wait a minute!" cried Ettinger, his eager hand clutching at Shandon's arm. "I tell you I'd a sold that ranch for twenty-five dollars an acre six months ago an' been damn' glad to git out at that. An' right now I could sell for a hundred an' fifty the acre! An' I'm damned if I do it! My nose smells somethin' when a man wants that place that bad, an' I git busy follerin' the smell. If I ever sell at less than two hundred dollars I'm gone crazy." His excitement growing as the vision of much gold became clearer, he ran on with hasty explanations. He had five hundred acres; Norfolk had close to a thousand and he had made Norfolk begin to think for the first time in his life. He himself had a little money in the bank and Norfolk had some. There were other men, little ranchers, whom they could whip into line. _And Wayne Shandon had the water!_