Kendrick clutched McCorquodale's arm in sudden excitement.

"By the eternal, it's Hughey Podmore!" he gasped in disbelief. "They've caught Podmore with that bogus money on him! That's what he means."

"There's Stiles—the one they're bringin' out now," whispered McCorquodale, pointing to a second prisoner who was being hustled out to witness the performance. His hands were tied behind his back and the man who had him in charge shoved him roughly to a sitting posture and pointed towards the post.

Kendrick's face was tense at he watched. His eyes smouldered with cold fire.

CHAPTER XX

A MAN OF MONEY

McIvor, the leader of the crew, was holding out the envelope taken from the stump and saying something to the first prisoner. They could not catch the words at that distance. Podmore shook his head and renewed his pleadings. The only response to these was an oath and a cruel blow on the mouth from the enraged ruffian, who now issued a sharp command.

Two of his men sprang at the prisoner and in a trice had stripped him to the skin from the waist up. They tore his shirt to ribbons. A jerk of McIvor's hand brought a third man on the run, carrying a tin can. He began to smear the contents over the back and chest and arms of the shrieking prisoner. While the onlookers rocked with drunken laughter Red McIvor peeled bill after bill from the roll of stage money in his hand and plastered them to the prisoner's naked body with resounding slaps.

"Tar an' feathers up to date—spruce gum an' greenbacks!" mumbled the detective. "Hear that feller yell!"

Kendrick's eyes were ablaze. He whipped out his revolver, his teeth clenched.