know. The people up there know what they’re getting. They know my standard so well that they’ll buy unsight and unseen.”

“You must cull a lot, then,” Graham ventured.

“And you’ll see the culls draying on the streets of San Francisco,” Dick answered.

“Yes, and on the streets of Denver,” Mr. Mendenhall amplified, “and of Los Angeles, and — why, two years ago, in the horse-famine, we shipped twenty carloads of four-year geldings to Chicago, that averaged seventeen hundred each. The lightest were sixteen, and there were matched pairs up to nineteen hundred. Lord, Lord, that was a year for horse-prices — blue sky, and then some.”

As Mr.