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?"

"I am not informed as to the financial resources of Bill Conway's
friend and, officially, I am not supposed to be aware of that person's
identity. Conway refused to inform me. I feel assured, however, that
if it were at all possible for this person to save me, I would have
been saved. However, even to save my ranch, I could not afford to
suggest or request such action."

"Why?"

"Matter of pride. It would have meant the violation of my code in such
matters."

"Ah, I apprehend. A woman, eh? That dashing Sepulvida girl?"

"Her mother wou