“I see.  But from what you have found out so far, I don’t quite understand how you figure it out.”

“All I have to go by is my own way of deducing things.  The forty thousand dollars which was to be stolen was supposed by the other members of the syndicate to be real money.  It was for this that the syndicate insured Norcross.  But, instead, he substituted counterfeits, if, indeed, most of the supposed money was not just blank paper.”

“He is a real financier, eh?”

“Yes, but he didn’t take into consideration that he had scoundrels just as shrewd as himself to deal with.  For instance, I believe when the truth is known, it will be found out that the syndicate was going to beat Norcross.  But that is mere supposition.  The tug of war is coming soon.  It will take place at the ranch of Colonel Billings.”

“I thought you believed in him.”

“I do.  I have made a few inquiries about him.  I wanted to find out what sort of a chap he was before taking you and your aunt out to his place.  Every one speaks of him as one of the leading men in the county and State.”

“Then why should he be drawn into this mess?”

“I think he has done it unconsciously.  He has a partner who has invested money in Billings’ cattle.  Do you remember the fellow in the train whom Kit knocked down?  The chap who insulted that pretty girl.”

“Yes.”

“From the description given me of one of his coming guests by the colonel, I believe the man with the red necktie is he.”

“What?  That horrid thing.”

“I didn’t tell you, but Kit and I saw him talking to a man at the station where we stopped for dinner, whom I am convinced was no other than Checkers himself.”

“Whew!  That looks suspicious.”

“In addition to that, the colonel has invited a man and his sister to visit him while we are there.  This man is a New Yorker; I don’t know his name, but the colonel says he is out here to buy a ranch.  Who do you suppose it is?”

“Haven’t an idea.”

“The girl who dropped the warning note into my pocket, and the young man with the pointed beard.”

“Whew! again.”

“Looks pretty complicated, doesn’t it?”

“Worse than that.  Ted, are you sure about this Colonel Billings?”

“One is sure of nothing in this world, but I have taken a fancy to Billings, and when I like a man he generally turns out all right, making allowances for minor faults and habits.  Yes, I think I can trust Billings.”

“But not his friends.  Ted, do you want to know what I think?”

“Certainly.”

“I feel that the invitation out there is a trap to catch you, and possibly keep you away from the town.”

“Nonsense!  Why should they want to keep me away from the town?  There doesn’t seem to be anything wrong in town that I could bother them in, except the Norcross incident, and if, as I suspect, he has duped his partners, he will say nothing to them about me.”