d have done in a similar situation.
Nothing to be made by letting that hydro-electric opportunity lie
fallow. No profit in wasting kilowatts, Miguel. We haven't got a
third of the power necessary for the proper development/of this state."

"In the absence of conclusive proof to the contrary, Bill, I am
convinced that John Parker did enter into such a contract. Naturally,
until he should secure the title to the ranch, the railroad commission,
which regulates all public service corporations in this state, would
not grant the power company permission to gamble on the truth of an
official report that I had been killed in Siberia."

"Your reasoning is sound. Now eat, and after breakfast I'll tell you
things. Your visit and your eager inquiries have started a train of
thought in my thick head."

Don Mike obeyed, and while he devoted himself to his breakfast, old
Bill Conway amused himself rolling pellets out of bread and flipping
them at a knot-hole in the rough wall of the mess hall.

"You've been pretty well troubled, haven't you, son?" he remarked
paternally when Don Mike, having completed his meal, sat back and
commenced rolling a cigarette.

"_Si_. Got your train of thought ditched, Bill?"

"I have. Assuming that Parker has made a deal with the Central
California Power Company, what I want to know is: Why did he do it?"

"I've just told you why he did it."

"You've just told me why he would make a deal with a power company, but
you haven't explained why he should make a deal with this _particular_
power company."

"I cannot answer that question, Bill."

"Nor can I. But there's a reason--perhaps two reasons. Territorially,
this power site is the natural property of but two power
corporations--the Central California and the South Coast. The South
Coast is the second largest corporation of its kind in the state; the
Central California is the fifth. Why go gunning for a dickey bird when
you can tie up to an eagle?"

They were both silent, pondering the question. Then said Bill Conway,
"Well, son, if I had as much curiosity regarding the reason for this
situation as you have, I'd most certainly spend some money to find out."

"I have the money and I am prepared to spend it. How would you start,
Bill?"

"Well, I'd buy a couple of shares of stock, in the Central California
Power Company as a starter. Then I would descend upon the main office
of the company, exhibit my stock and claim my stockholder