This eighty of mine is worth a hundred dollars an acre--eight thousand; it's mortgaged for five thousand, which leaves an equity of three thousand; on it are good buildings and it's rented until next March.

You could then take possession.

It's a good farm, and with the money you'll have from the sale of your sheep you can make a good start on the place, which is in the corn and wheat section.

My equity of three thousand isn't worth, to be sure, anything like what you paid Menocal for this ranch, but it's something--and all that I can afford to give." The rancher stared at Lee as if he could not credit his ears.
"Are you in earnest ?" he demanded, at last.

"Why I've just told you there's no water here.