you had
to acquire the mortgage, and in order to acquire the mortgage you had
to acquire a controlling interest in the capital stock of the First
National Bank of El Toro. You didn't seem to fit into the small town
banking business; a bank with a million dollars capital is small change
to you."

"Proceed. You're on the target, son, and something tells me you're
going to score a bull's-eye in a minute."

"When you had acquired the mortgage following such patient steps, my
father checkmated you by making and recording a deed of gift of the
ranch to me, subject of course to the encumbrance. The war-time
moratorium, which protected men in the military or naval service from
civil actions, forced you to sit tight and play a waiting game. Then I
was reported killed in action. My poor father was in a quandary. As
he viewed it, the ranch now belonged to my estate, and I had died
intestate. Probate proceedings dragging over a couple of years were
now necessary, and a large inheritance tax would have been assessed
against the estate. My father broke under the blow and you took
possession. Then I returned--and you know the rest.

"I knew you were powerful enough to block any kind of a banking loan I
might try to secure and I was desperate until Bill Conway managed to
arrange for his financing. Then, of course, I realized my power. With
the dam completed before the redemption period should expire, I had
something definite and tangible to offer the competitor of the power
company in which you might be interested. I was morally certain I
could save my ranch, so I disabused my mind of worry."

"Your logical conclusions do credit to your intelligence, Miguel.
Proceed."

"I purchased, through my attorney, a fat little block of stock in each
company. That gave me _entree_ to the company books and records. I
couldn't pick up your trail with the first company investigated--the
Central California--but before my attorney could proceed to Los Angeles
and investigate the list of stockholders and directors of the South
Coast Power Corporation, a stranger appeared at my attorney's office
and proceeded to make overtures for the purchase of the Agua Caliente
property on behalf of an unknown client. That man was in conference
with my attorney the day we all motored to El Toro via La Questa
Valley, and the instant I poked my nose inside the door my attorney
advised me--in Spanish,--which is really the mother tongue of El
Toro--t