"You see, pard," said Matt, "the ruby wasn't in the box when I gave it to the clerk. I kept the Eye of Buddha safely about me, all the time. It gouged me a little when the speeder stopped and I was slammed against the forward bench."

"Speak to me about this!" rumbled the cowboy. "It wasn't in the box—a tinhorn blew in with a forged letter—he got the box, but he didn't get the ruby. Matt's done something—and he never told me what he was doing. What—how—why—— Look here, you blooming old maverick, how did you ever come to think of such a dodge?"

"It wasn't much of a dodge," answered Matt. "In the first place, I didn't take any stock in that wild yarn told us by Bunce. At the same time, while I didn't believe in it, I couldn't afford not to go with Bunce on Tsan Ti's account. I tried to think why Bunce should want to coax us into the hills, and the only idea that came to me had to do with the ruby. Now, I reasoned, if the ruby was back of Bunce's little game, then it was clear he knew it had been sent to me for safe-keeping. I wanted to find just how much Bunce knew, so I left the box with the clerk. Bunce was watching, or else he had somebody else watching. If he'd thought I had the ruby with me, an attempt would have been made to get it while we were in the hills. But Bunce believed I had left the ruby in the safe, so he dodged away, leaving you and me to be nabbed by the section men, while he went on to that 'pocket' under the ledge, found Grattan, told him where I had placed the box, and the two got on their motorcycles and came close enough to town to get a man to help them secure the box.

"Grattan must have forged the letter. Then this third man took it. The rascals had to work quick, for the game was played while we were taking a look around at the camp in the ravine, and walking into town. Can't you understand, Joe? By getting us into the hills, with that fairy story about Tsan Ti, Grattan could play his hand either way. If we had the ruby with us, he could get hold of it; if we had left it behind, he could take advantage of our absence from Catskill to execute some ruse in town while we were out in the country."

"Clever?" breathed McGlory; "why, he's the cleverest crook that ever happened. But I'd like to have a picture of him now!" The cowboy fell back in his seat and roared with mirth. "Wouldn't I like to look in on him while he and Bunce are opening that box?" he sputtered. "Oh, but it's rich! Clever as he is, Grattan has found that he's butted up against some one who can give him cards and spades, and then beat him out. I've been proud of you, pard, more times than I can tell, but I'm just a little prouder now than I ever was before. Shake!"

Matt caught his chum's hand.

"It was only a guess, Joe," he deprecated, "and it happened to work our way. There was nothing clever about what I did. The result was entirely a—an accident."

"You had your head with you, all the same," insisted McGlory, "when you put that empty box in the safe. But how in thunder did Bunce get next to that? How did he know that Tsan Ti had sent you the ruby, in the first place?"

"Well, he did know, and that's enough. A third man has jumped into the deal—another pal, who is helping Grattan and Bunce. Perhaps he had something to do with keeping track of the ruby."

"Perhaps. But that old two-eyed counterfeit with the green patch—I wonder how much he'd sell out for, about now?"