"Plenty tracks, but the man's had the cavallos' feet bundled in sacks so make no noise—leave no tracks."

"Let me have a look."

With Alverado at her side Peggy hastened toward the water hole. She could hardly repress an exclamation of alarm as she gazed at the hole. Bare six inches of muddy water was on the bottom, where the day before there had been a foot or more. All about were vague blotty-looking tracks which showed plainly enough the manner in which the marauders had concealed all noise of their movements. The muffled hoofs would naturally give forth no sound.

"So Jess was right after all," breathed Peggy softly; "but who could have done such a thing? And why?"

But the latter question had not framed itself in her mind before it was answered. Without water they would not be able to exist at Steer Wells for twenty-four hours. A retreat would be equally impracticable. It was all horribly clear. The theft of the water was the first step in a deliberate plan to drive them out. The motive, too, was plain enough in the light of the overheard conversation at the National Hotel. The men who wanted Mr. Bell's mine had waited till he had located it before striking their first blow. What would their next be? Peggy's pulses throbbed and the grove seemed to blur for an instant. But the next moment she was mistress of herself again. Clearly there was only one thing to do. Lay the whole matter before Mr. Bell.

"Alverado," said Peggy quietly, "after breakfast I am going to the range over yonder. You must guard the camp."

"Yes, missee," replied the Mexican; "I take care of him with—with my life."'

"I am sure you will," said Peggy in her most matter-of-fact tones, "and in the mean time say nothing to anyone else about what you have found. Bring up the water for breakfast yourself and don't let Mr. Bell come near the water hole if you can help it."

"It shall be as the senorita wishes," rejoined Alverado in low tones; but there was a ring in his voice that told Peggy that she could trust the brown-skinned "Mestizo" to the utmost.

CHAPTER XIII