“Roy, I’ll bet anything that was Froud!� Teddy exclaimed excitedly. “And he was on Flash, too! I’d know that horse among a million! Golly, that settles it! Froud is the thief!�

“Are you sure it was Froud?â€� Roy asked. “I didn’t get a good look at him—but what I saw didn’t look a great deal like Scar Face!â€�

“He did to me!� Teddy insisted. Then the boy stepped from the side of the stream into the woods. He parted the bushes, and glanced about.

“Not a sign of him,� he said regretfully. “Let’s get our broncs, Roy, and ride around here! There may be something to that theory of yours about the gang’s headquarters.�

The boys ran quickly to where they had left the horses. Teddy half expected to find them gone, but they were not, and, in a moment, the two young ranchers were mounted, having taken their rods apart and slipped them into a case as they ran.

They rode toward the place they had seen the figure and examined the earth for hoofprints. These they easily discovered.

“He went this way,� Roy declared, pointing. “We can ride along and see what we can find. It’s toward home, anyway.�

“I’ll bet anything that was Froud on Flash!� Teddy remarked, almost to himself. “When he saw us he beat it. Let’s follow up these tracks, Roy.�

The boys cantered along, eyes upon the ground, easily tracing the marks in the soft earth near the side of the stream. For about a mile they rode. Then they were halted. The tracks led directly down into the stream.

“That stops us,� Roy declared, in a disappointed tone. “He may have gone any place from here. Most likely he doubled back and crossed to the other side. Well, that’s that! Another failure!�