"What's the matter?" asked Pocut Pete, with an assumption of innocence, which was so plainly an assumption that Nort and Dick exchanged rapid glances.

"Don't cut off those initials!" went on Bud. "Maybe by them we can tell who owns the iron."

"Initials!" exclaimed Pocut Pete. "I don't see any initials!"

"There they are," and Bud pointed to some, rather faintly cut, on a flat place in the handle. "E. C. are the letters, though I don't know anybody with them at Double Z."

"I don't, either," said Pocut Pete. "In fact, I didn't see them letters, Bud. I was just whittling the handle to see what kind of wood it was. Thought maybe I could tell by that."

"All right," spoke Bud, as he again assumed charge of the branding iron. And Pocut Pete, with a sharp look at the young rancher, went out to the corral where the spare ponies were kept.

"Was he really trying to cut out those initials?" asked Nort, as the three boy ranchers passed on to the grub tent, for it was the joyful time to eat—one of the three joyful times that came each day.

"I wouldn't say he was doing it deliberately," spoke Bud, "but he certainly was whittling near those letters. And if he had cut them off the owner of the branding iron could easily claim it wasn't his."

"That was queer," declared Dick.

"Very," assented Bud. "In fact Pocut Pete has acted queer ever since he's been here. I don't like him, and as soon as dad has another puncher to spare I'm going to ask for a change."