"The backing so mysteriously given Bill Conway had you worried. You abandoned all thought of securing the ranch by foreclosure, and my careless, carefree, indifferent attitude confirmed you in this. Who, but one quite certain of his position, would waste his time watching a race-horse trained? I knew then that news of my overtures to the Central California people were immediately reported to the South Coast people. Evidently you had a spy on the Central California payroll, or else you and your associates controlled both companies. This last hypothesis seemed reasonable, in view of the South Coast Power Corporation's indifference when it seemed that I might do business with the Central California people, and the sudden revival of the South Coast interest when it appeared that negotiations with the Central people were terminated. But after that meeting on the fifteenth of October, my attorney couldn't get a rise out of either corporation, so I concluded that one had swallowed the other, or you had agreed to form a separate corporation to develop and handle the Agua Caliente plant, if and when, no matter how, the ranch should come into your possession. I was so certain you and your fellow-conspirators had concluded to stand pat and await events that I haven't been sleeping very well ever since, although not once did I abandon my confident pose. "My position was very trying. Even with the dam completed, your power in financial circles might be such that you could block a new loan or a sale of the property, although the completion, of the dam would add a value of millions to the property and make it a very attractive investment to a great many people. I felt that I could save myself if I had time, but I might not have time before the redemption period should expire. I'd have to lift that mortgage before I could smoke you three foxes out of your hole and force you to reopen negotiations. Well, the only chance I had for accomplishing that was a long one--Panchito, backed by every dollar I could spare, in the Thanksgiving Handicap. I took that chance. I won. Tag! You're It." "Yes, you've won, Miguel. Personally, it hurt me cruelly to do the things I did, but I was irrevocably tied up with the others. I hoped--I almost prayed--that the unknown who was financing Bill Conway, in order to render your property valuable and of quick sale, to save your equity, might also give you a loan and enable you to eliminate me. Then my companions in iniquity would be forced to abandon their waiting game and deal with you. You are right, Miguel. That waiting game might have been fatal to you." "It _would_ have been fatal to me, sir." "Wouldn't Conway's friend come to your rescue?"