ohn Parker's shoulder. "Old
settler, you're buying Panchito and you're paying a heavier price than
you realize, only, like the overcoat in the traveling salesman's
expense account, the item isn't apparent. I'm going to sell you a dam,
the entire Agua Caliente Basin and watershed riparian rights, a site
for a power station and a right of way for power transmission lines
over my ranch. In return, you're going to agree to furnish me with
sufficient water from your dam, in perpetuity, to irrigate every acre
of the San Gregorio Valley."

John Parker could only stare, amazed. "On one condition, Miguel," he
replied presently. "Not an acre of the farm lands of the San Gregorio
shall ever be sold, without a _proviso_ in the deed that it shall never
be sold or leased to any alien ineligible to citizenship."

"Oh, ho! So you've got religion, eh?"

"I have. Pablo dragged it into the yard last spring at the end of his
riata, and it lies buried in the San Gregorio. That makes the San
Gregorio consecrated ground. I always had an idea I was a pretty fair
American, but I dare say there's room for improvement. What do you
want for that power property?"

"I haven't the least idea. We'll get together with experts some day
and arrive at an equitable price.

"Thank you son. I'll not argue with you. You've given me a
first-class thrashing and the man who can do that is quite a fellow.
Nevertheless, I cannot see now where I erred in playing the game. Mind
telling me, boy?"

"Not at all. It occurred to me--assistance by Bill Conway--that this
property must be of vital interest to two power companies, the Central
California Power Company and the South Coast Power Corporation. Two
hypotheses presented themselves for consideration. First, if you were
developing the property personally, you had no intention of operating
it yourself. You intended to sell it. Second, you were not developing
it personally, but as the agent of one of the two power companies I
mentioned. I decided that the latter was the best hypothesis upon
which to proceed. You are a multi-millionaire trained in the fine art
of juggling corporations. In all probability you approached my father
with an offer to buy the ranch and he declined. He was old and he was
sentimental, and he loved me and would not sell me out of my
birthright. You had to have that ranch, and since you couldn't buy it
you decided to acquire it by foreclosure. To do that, however,