Slim scratched his chin reflectively and scanned the surrounding country, while Merkle shifted uneasily in his saddle.

“We might as well look at the evidence,” said Slim.

“Yes; let’s get it over with,” agreed Merkle heartily.

They rode up to the fence, accompanied by Scotty on foot, and tied their horses. Slim led the way over to where the horse was stretched out in the low brush.

“F’r the love of gosh!” exploded Slim. “Look at that!”

The saddle was missing, and from the upturned rump, which had been graced with the Circle Spade brand, had been skinned a spot about twelve inches square. On the shoulder was another skinned patch, one ear had been cut off close to the head, and the left front leg had been skinned from knee to fetlock.

“And the shoes have been yanked off!” snorted Scotty. “I remember that the animal was shod.”

“And there goes yore old evidence,” said Chuck dolefully.

Slim whistled unmusically between his teeth.

“They kept me away while they destroyed evidence,” said Scotty.