"That thar figger," observed Billy, "brings her right up to date without no squealin' whatever. Yere you figgers on taking good hard rock out of four hunderd foot of tunnel an' shaft. Lots of that is pay quartz. You got to figger that you gets some return out of it all. They's a good many ton of ore in four hundred foot of shaft!" "That is true," said Murphy. "There won't be eight thousand outlay without any return." "Yore dead right!" agreed Billy. "Let that go for now," interrupted Stevens. "We can call that 'velvet.' Now what we want to know is, what will be the working expense of converting the ore into gold when the initial expense is over?" "Call her about five dollars," replied Billy promptly. Stevens consulted the assay table. "The ore on the Great Snake as shown by samples taken from various spots in the prospect shaft averages $8.55," said he. He figured for a moment. "Allow $3.00 a ton profit at twenty tons a day, it would take only a little over four months to catch the initial expense." "Of course there's your running expenses of a camp," suggested Frank. "Oh yes, but look at the margin to cover them." They went on to the next, and the next, until the ten claims were all figured over. Not all showed as alluring a prospect as the Great Snake, for that was admittedly the banner claim of the group, but all yielded a good margin of profit. It was simple as a proposition in algebra. Assay value minus cost of production equals profits. There was no unknown quantity in sight. Lafond alone saw one, and he held his peace. One more item the Easterners had to include, and this, falling within their business habits, and out of Billy's, they arranged to their own satisfaction. It was Billy's price for his claims. "Now what are your ideas on the subject, Mr. Knapp?" asked Stevens briskly. Billy hesitated. "Mebbe it's funny," he confessed; "but I hadn't settled on a price. I know you gentlemen 'll do what is right. But I would like to stay with her a bit." "Stay with her?" "Yes," explained Billy, embarrassed. "Keep a holt; sort to be interested myself, you know." There spoke Billy's vanity. The three talked together low-voiced for a moment. They had conceived a vast respect for Billy's capacity in the West, however unsophisticated he might appear in the East; and they had long before talked out in anticipation just this point. Stevens voiced their decision.