Well, actually that is just what O'Neill insisted on calling it apparently, but in actuality it is kind of an insult...to vaudeville. The young playwright is using fate, lost love and the bond of friendship between two prospectors in Arizona as the set up for a horrible punchline. The Short Play is called "A Wife for A Life."
The Older Man and Jack are hitting it big panning for Gold, but when the younger Jack talks of a woman, the relationship gets strained. Really it is quite silly and has all of the things we do as beginning playwrights.
Over Exposition
Actor Proofing the script
Etc.
However, the talent and thought of O'Neill shows through in his setting up of dramatic tension in that The Older Man would like to kill Jack, but Jack saved the Older Man's life at a time earlier. So he can't just up and kill him.
The interesting thing is reading O'Neill's opening description of the set, which contains the poetic details that we would see throughout the rest of his career
The dialogue leaves much to be desired:
JACK: I loved her. In the corrupt environment of a mining camp she seemed like a lily growing in a field of rank weeds.
