As Stranleigh’s horse entered the forest the young man began to ponder over the problem that confronted him. When the unfortunate Armstrong borrowed money from Ricketts, he had, of course, fully explained the situation. The lender had examined the property in company with a mining engineer, and this expert doubtless took away with him some ore to analyse at his leisure. Ricketts, being in possession of the engineer’s estimate of the pit’s value, had probably formed a syndicate, or perhaps made arrangements with other capitalists, to see him through with the speculation. Undoubtedly Ricketts expected no competition when the estate was put up at auction, but if he was a shrewd man, as was almost certain to be the case, events had occurred which might stimulate thought regarding his position.

Miss Armstrong had ridden out to Bleachers, having in her possession five thousand dollars, the face value of the notes. Ricketts would wonder how she had obtained the money. She possessed only two thousand dollars on her first visit, as he knew from the fact that she had offered it to him for refraining from action until her father returned. Who could have given her the extra three thousand? Whoever had done so must have known the girl could offer no security for its repayment. He was therefore a rich man, or he could not afford to throw away a sum so considerable.

It was likely that such reflections as these had put Ricketts on the alert, and the sudden advent in Bleachers of a smartly costumed stranger, a stranger coming from the direction of the ranch, would almost certainly convince Ricketts that here was his opponent. In Bleachers, too, each inhabitant very probably knew every one else’s business. That he could elude the astute Ricketts was therefore exceedingly doubtful, and Stranleigh already knew enough about the lawlessness of the district to believe that he might ride into considerable danger. In that sparsely-settled country, people were not too scrupulous in their methods of getting rid of an enemy.

He wondered how far down the line the next town was, for he was certain that any telegraphing he did from Bleachers would speedily be known to Ricketts. Would it be possible to deflect his course, and make for the next station eastwards? He possessed no map of the State, however, and there was little chance of meeting anyone, so there seemed nothing for it but to push on to Bleachers.

At this point his meditations were interrupted by the dimly heard sound of horses’ hoofs on the trail behind him. He pulled up and listened. Pausing for a few minutes, he heard nothing more, and so went on again, with an uneasy feeling of being followed. He determined not to camp out when night overtook him, but to hurry on until he reached Bleachers. He had made a two days’ journey to reach the ranch, but that was because the laden mules were slow. Before dark he would be on the high road, and after that he could not lose his way. After all, perhaps it was better to reach Bleachers at night, and trust to rousing up the people in the one tavern of the place.

It was after midnight when his task was accomplished, and having seen to the accommodation of a very tired and hungry horse, Stranleigh threw himself down, dressed as he was, upon the bed to which he was shown by a sleepy ostler. He had had quite enough equestrian exercise for one day.

Ten o’clock had struck next morning before he woke, and went down to breakfast. His mind had become clarified, and he knew now exactly what he meant to do. To avoid the cognizance of Ricketts was impossible; of that he was certain. His first object, then, was to draw a red herring across the trail, so he enquired from the hotel-keeper the whereabouts of Ricketts’ office, and was directed to it.

He crossed the street and ascended a stair. Ricketts kept neither clerk nor office boy, so Stranleigh knocked at the door, was gruffly commanded to enter, and obeyed.

Silas A. Ricketts was seated at a large table strewn with books and legal-looking documents, and he stared in astonishment at the figure which presented itself. He, like the men on the ranch, had never seen such a costume before.

“Are you Mr. Ricketts?” asked his lordship.