Farrel laughed. "You're not," he replied. "Know anything about a stop-watch?"

"I know _all_ about one."

"Well, your daughter has sent to San Francisco for the best stop-watch money can buy, and it's here. I've had my father's old stop-watch cleaned and regulated. Panchito's on edge and we're going to give him a half-mile tryout to-morrow, so I want two stop-watches on him. Will you oblige, sir?"

Parker willingly consented, and the following morning Farrel and his guests repaired to the race-track. Kay, mounted on Panchito in racing gear, was, by courtesy, given a position next to the rail. Eighty pounds of dark meat, answering to the name of Allesandro Trujillo and claiming Pablo Artelan as his grandfather, drew next position on Peep-sight, as Farrel had christened Panchito's half-brother, while three other half-grown _cholo_ youths, gathered at random here and there, faced the barrier on the black mare, the old gray roping horse and a strange horse belonging to one of the volunteer jockeys.

There was considerable backing, filling and some bucking at the barrier, and Pablo and two of his relatives, acting as starters, were kept busy straightening out the field. Finally, with a shrill yip, Pablo released the web and the flighty young Peep-sight was away in front, with the black mare's nose at his saddle-girth and the field spread out behind him, with Panchito absolutely last.

At the quarter-pole Kay had worked her mount easily up through the ruck to contend with Peep-sight. The half-thoroughbred was three years old and his muscles had been hardened by many a wild scramble up and down the hills of El Palomar; he was game, he was willing, and for half a mile he was marvelously fast, as Farrel had discovered early in the tryouts. Indeed, as a "quarter-horse" Farrel knew that few horses might beat the comparatively green Peep-sight and he had been indiscreet enough to make that statement in the presence of youthful Allesandro Trujillo, thereby filling that young hopeful with a tremendous ambition to race the famed Panchito into submission for the mere sport of a race.

In a word, Allesandro's Indian blood was up. If there was anything he loved, it was a horse-race for money, chalk, marbles or fun. Therefore when a quick glance over his shoulder showed Panchito's blazed face at Peep-sight's rump, Allesandro clucked to his mount, gathered the reins a trifle tighter and dug his dirty bare heels into Peep-sight's ribs, for he was riding bareback, as an Indian should. Peep-sight responded to the invitation with such alacrity that almost instantly he had opened a gap of two full lengths between himself and Kay on Panchito.

Farrel and Parker, holding their stop-watches, watched the race from the judge's stand.

"By Jove, that Peep-sight _is_ a streak," Parker declared admiringly.

"He can beat Panchito at that distance, even at proportionate weights and with an even break at the start."

Farrel nodded, his father's old racing-gla.s.s fixed on Allesandro and Kay. The girl had "gathered" her mount; she was leaning low on his powerful neck and Farrel knew that she was talking to him, riding him out as he had never been ridden before. And he was responding. Foot by foot he closed the distance that Peep-sight had opened up, but within a hundred yards of the finish Allesandro again called upon his mount for some more of the same, and the gallant Peep-sight flattened himself perceptibly and held his own; nor could Panchito's greatest efforts gain upon the flying half-breed a single inch.

"Bully for the Indian kid," Parker yelled. "Man, man, that's a horse race."

"They'll never stop at the half-mile pole," Farrel laughed. "That race will be won by Panchito when Panchito wins it. Ah, I told you so."

"Well, Peep-sight wins at the half by one open length--and the _cholo_ boy is using a switch on him!"

"He's through. Panchito is gaining on him. He'll pa.s.s him at the three-quarter pole."

"Right-o, Farrel. Panchito wins by half a length at the three-quarter pole--"

"I wish Kay would pull him up," Farrel complained. "He's gone too far already and there she is still heading for home like the devil beating tan-bark . . . well, if she breaks him down she's going to be out the grandest saddle animal in the state of California. That's all I have to say. . . . Kay, Kay, girl, what's the matter with you? Pull him up . . . by the blood of the devil, she can't pull him up. She's broken a rein and he's making a run of it on his own."

"Man, look at that horse go."

"Man, look at him come!"

Panchito had swung into the home-stretch, his white face and white front legs rising and falling with the strong, steady rhythm of the horse whose stout heart refuses to acknowledge defeat, the horse who still has something left for a supreme effort at the finish.

"There is a true race-horse," Parker cried exultantly. "I once won a ten-thousand-dollar purse with a dog that wasn't fit to appear on the same track with that Panchito."

The big chestnut thudded by below them, stretched to the limit of his endurance, pa.s.sed what would have been the finish had the race been a mile and a sixteenth, and galloped up the track with the broken bridle-rein dangling. He slowed down as he came to the other horses in the race, now jogging back to the judge's stand, and one of the _cholo_ youths spurred alongside of him, caught the dangling rein and led him back to the judge's stand.

Kay's face was a little bit white as she smiled up at her father and Farrel. "The old darling ran away with me," she called.

Farrel was instantly at her side and had lifted her out of the saddle.

She clung to him for the barest moment, trembling with fear and excitement, before turning to examine Panchito, from whom Pablo had already stripped the saddle. He was badly blown, as trembly as the girl herself, and dripping with sweat, but when Pablo slipped the headstall on him and commenced to walk him up and down to "cool him out," Don Mike's critical eye failed to observe any evil effects from the long and unaccustomed race.

John Parker came down out of the grand stand, his thumb still tightly pressing the stem of his stop-watch, which he thrust under Farrel's nose.

"Look, you star-spangled ignoramus, look," he yelled. "You own a horse that's fit to win the Melbourne Cup or the American Derby, and you don't know it. What do you want for him? Give you ten thousand for him this minute--and I am not so certain that race hasn't hurt him."

"Oh, I don't want to sell Panchito. I can make this ranch pay ten thousand dollars, but I cannot breed another Panchito on it."

"Farrel, if you refuse to sell me that horse I'm going to sit right down here and weep. Son, I don't know a soul on earth who can use twelve--yes, fifteen--thousand dollars handier than you can."

Don Mike smiled his lazy, tantalizing smile. "I might as well be broke as the way I am," he protested. "What's a paltry fifteen thousand dollars to a man who needs half a million? Mr. Parker, my horse is not for sale at any price."

"You mean that?"

"Absolutely."

John Parker sighed. Since that distant day when he had decided that he could afford such a luxury, his greatest delight had been in owning and "fussing" with a few really great race-horses. He had owned some famous sprinters, but his knowledge of the racing game had convinced him that, could he but acquire Panchito, he would be the owner of a true king of the turf. The a.s.surance that, with all his great wealth, this supreme delight was denied him, was a heavy blow.

Kay slipped her arm through his. "Don't cry, pa, please! We'll wait until Don Mike loses all his sheep and cow money and then we'll buy Panchito for a song."

"Oh, Kay, little girl, that horse is a peach. I think I'd give a couple of toes for the fun of getting my old trainer Dan Leighton out here, training this animal quietly up here in the valley where n.o.body could get a line on his performances, then shipping him east to Saratoga, where I'd put a good boy on him, stick him in rotten company and win enough races to qualify him for the biggest event of the year.

And then! Oh, how I would steal the Derby from John H. Hatfield and his four-year-old wonder. I owe Hatfield a poke anyhow. We went raiding together once and the old sinner double-crossed me."

"Who is John H. Hatfield?" Don Mike queried mildly.

"Oh, he's an aged sinner down in Wall Street. He works hard to make the New Yorkers support his racing stables. Poor old John! All he has is some money and one rather good horse."

"And you wish to police this Hatfield person, sir?"

"If I could, I'd die happy, Farrel."

"Very well. Send for your old trainer, train Panchito, try him out a bit at Tia Juana, Lower California, at the meeting this winter, ship him to Saratoga and make Senor Hatfield curse the day he was born. I have a very excellent reason for not selling Panchito to you, but never let it be said that I was such a poor sport I refused to loan him to you--provided, of course, Kay agrees to this course. He's her mount, you know, while she's on El Palomar."

Parker turned to his daughter. "Kay," he demanded, "do you love your poor old father?"

"Yes, I do, pa, but you can't have Panchito until you do something for me."

"Up jumped the devil! What do you want?"

"If you accept a favor from Miguel Farrel you ought to be sport enough to grant him one. If you ever expect to see Panchito in your racing colors out in front at the American Derby, Miguel must have a renewal of his mortgage."

"Oh, the devil take that mortgage. You and your mother never give me a moment's peace about it. You make me feel like a criminal; it's getting so I'll have to sit around playing mumbley-peg in order to get a thrill in my old age. You win, Kay. Farrel, I will grant you a renewal of the mortgage. I'm weary of being a Shylock."

"Thanks ever so much. I do not desire it, Mr. Parker. One of these bright days when I get around to it, and provided luck breaks my way, I'll take up that mortgage before the redemption period expires. I have resolved to live my life free from the shadow of an accursed mortgage. Let me see, now. We were talking about horse-racing, were we not?"

"Miguel Farrel, you'd anger a sheep," Parker cried wrathfully, and strode away toward his automobile waiting in the infield. Kay and Don Mike watched him drive straight across the valley to the road and turn in the direction of El Toro.

"Wilder than a March hare," Don Mike commented.

"Not at all," Kay a.s.sured him. "He's merely risking his life in his haste to reach El Toro and telegraph Dan Leighton to report immediately."