"More or less," answered his cousin. "Especially when you have a place so near Double Z. I don't accuse Hank Fisher of being a rustler, exactly," he went on, "though I think Del Pinzo is. That's been proved, but it didn't do much good, for he broke jail and they can't seem to land him."

"What makes Hank Fisher and that Double Z bunch so sore at you?" asked Dick.

"I guess it's because we're beating them at the cattle game," answered Bud. "And because dad dammed the Pocut River and took some water for this valley. As if that hurt Hank!" he added. "But he makes that an excuse. However, I'll fight him to the finish!"

"And we're with you!" added Dick and Nort.

After supper they sat around the fire, talking of various matters. But ever and again the question troubled them of whether or not they could get on the trail of the rustlers. And, too, they wondered what could be the object of Four Eyes.

Night settled down, quiet save for the occasional snorting of the ponies. The boys wrapped themselves in their blankets and crawled between their tarpaulins with their feet to the smouldering fire. They talked until drowsiness stole over them and then, having decided to maintain no watch, they all three slumbered.

What time it was that Bud awakened he did not know. But awaken he did, and suddenly.

And the cause of his awakening was the sound of a horse rapidly ridden, and, evidently, approaching the place where he and his cousins had camped for the night.

"Who's there?" cried Bud suddenly, and without preface. Under the blanket his hand sought his weapon.

"Who's there!"