"The fight is over and we've won!"

"I wouldn't say that yet," spoke Old Billee cautiously, "Del Pinzo an' Hank Fisher are still around an' above ground. But I guess you've put a crimp in 'em, boys!"

"I reckon!" shouted Yellin' Kid. "But are we sure that the water now goes to Flume Valley?"

"We'll soon find out," declared Bud. "We're almost out of the tunnel now, and we can 'phone back and ask."

And a little later they did emerge from the mysterious underground tunnel, with its still stranger water courses. But what was their surprise to find that night had fallen—in fact it was not exactly night, but nearly morning of the next day.

For a moment coming out into the dark night bewildered them. And then, as they stood at the mouth of the mysterious tunnel under the mountain, there was a sharp crack.

"Look out!" yelled Bud, as a bullet "zinged" viciously over their heads.

In an instant Old Billee had whipped out his gun and sent a shot toward a group of horsemen along the river bank.

"There they are! Del Pinzo and his gang!" yelled Dick, as another bullet sang over his head. "Come on! Let's get 'em!"

"No use!" drawled Snake. "They've got hosses—we ain't!"