n Mike's frank explanation that he had deceived nobody, but
had, by refraining from doing things in the usual manner, induced the
public to deceive itself and refrain from betting on Panchito, could
not be gainsaid--particularly when an inspection of the records at the
betting ring proved that not a dollar had been wagered on Panchito.

"You played the books throughout the country, Mr. Farrel?" one of the
judges asked.

Don Mike smiled knowingly. "I admit nothing," he replied.

The testimony of Parker and Danny Leighton was scarcely needed to
convince the judges that nothing illegal had been perpetrated. When
Don Mike had collected his share of the purse and the book-makers,
convinced that they had been out-generaled and not swindled, had issued
checks for their losses and departed, smiling, John Parker drew Farrel
aside.

"Son," he demanded, "did you spoil the Egyptians and put over a Roman
holiday?"

Again Don Mike smiled his enigmatic smile. "Well," he admitted, "I'm
ready to do a little mortgage lifting."

"I congratulate you with all my heart. For heaven's sake, take up your
mortgage immediately. I do not wish to acquire your ranch--that way.
I have never wished to, but if that droll scoundrel, Bill Conway,
hadn't managed to dig up unlimited backing to build that dam despite
me, and if Panchito hadn't cinched your case for you to-day, I would
have had no mercy on you. But I'm glad you won. You have a head and
you use it; you possess the power of decision, of initiative, you're a
sporting, kindly young gentleman and I count it a privilege to have
known you." He thrust out his hand and Don Mike shook it heartily.

"Of course, sir," he told Parker, "King Agrippa is a good horse, but
nobody would ever think of entering him in a real classic. I told
Allesandro to be careful not to beat him too far. The time was nothing
remarkable and I do not think I have spoiled your opportunity for
winning with him in the Derby."

"I noticed that. Thank you. And you'll loan him to me to beat that
old scoundrel I told you about?"

"You'll have to arrange that matter with your daughter, sir. I have
raced my first and my last race for anything save the sport of a
horse-race, and I am now about to present Panchito to Miss Kay."

"Present him? Why, you star-spangled idiot, I offered you fifteen
thousand dollars for him and you knew then I would have gone to fifty
thousand."

Don Mike laid a patronizing hand on J