It was originally owned by Mr.Menocal, of Bartolo, but recently by a man named Stevenson, from whom I bought it." "I know the place, Mr.Bryant.

Proceed." "It's worth possibly three dollars an acre as it stands, or a total of fifteen thousand dollars," Lee continued.

"But it has an unused water right of one hundred and twenty-five second feet from the Pinas River, sufficient to water the whole tract.

How much will the ranch be worth when water is actually delivered ?" "A good deal more than fifteen thousand dollars." "Rather," said the engineer, smiling.

"The appropriation was secured from the state by Mr.Menocal thirty years ago; it's never been cancelled, and is good to-day.