Don Mike smiled his lazy, tantalizing smile. "I might as well be broke as the way I am," he protested. "What's a paltry fifteen thousand dollars to a man who needs half a million? Mr. Parker, my horse is not for sale at any price." "You mean that?" "Absolutely." John Parker sighed. Since that distant day when he had decided that he could afford such a luxury, his greatest delight had been in owning and "fussing" with a few really great race-horses. He had owned some famous sprinters, but his knowledge of the racing game had convinced him that, could he but acquire Panchito, he would be the owner of a true king of the turf. The assurance that, with all his great wealth, this supreme delight was denied him, was a heavy blow. Kay slipped her arm through his. "Don't cry, pa, please! We'll wait until Don Mike loses all his sheep and cow money and then we'll buy Panchito for a song." "Oh, Kay, little girl, that horse is a peach. I think I'd give a couple of toes for the fun of getting my old trainer Dan Leighton out here, training this animal quietly up here in the valley where nobody could get a line on his performances, then shipping him east to Saratoga, where I'd put a good boy on him, stick him in rotten company and win enough races to qualify him for the biggest event of the year. And then! Oh, how I would steal the Derby from John H. Hatfield and his four-year-old wonder. I owe Hatfield a poke anyhow. We went raiding together once and the old sinner double-crossed me." "Who is John H. Hatfield?" Don Mike queried mildly. "Oh, he's an aged sinner down in Wall Street. He works hard to make the New Yorkers support his racing stables. Poor old John! All he has is some money and one rather good horse." "And you wish to police this Hatfield person, sir?" "If I could, I'd die happy, Farrel." "Very well. Send for your old trainer, train Panchito, try him out a bit at Tia Juana, Lower California, at the meeting this winter, ship him to Saratoga and make Senor Hatfield curse the day he was born. I have a very excellent reason for not selling Panchito to you, but never let it be said that I was such a poor sport I refused to loan him to you--provided, of course, Kay agrees to this course. He's her mount, you know, while she's on El Palomar." Parker turned to his daughter. "Kay," he demanded, "do you love your poor old father?" "Yes, I do, pa, but you can't have Panchito until you do something for me." "Up jumped the devil! What do you want?" "If you accept a favor from Miguel Farrel you ought to be sport enough to grant him one. If you ever expect to see Panchito in your racing colors out in front at the American Derby, Miguel must have a renewal of his mortgage."