“Now, why in the world do they call themselves the Flying Demons?” asked Ted reflectively, as they were reading the second screed from their enemies.  “It seems to me that there is the secret of the whole thing.  You never can tell what a pack of boys like that are going to do.  They are more to be feared than older criminals, for they have no judgment, and will rush into the most reckless things just to show off before one another.”

“Pay no attention to them,” advised Stella.  “That’s what I think they are doing now—­showing off.  I doubt if they think they can frighten us, but they are afraid of us.”

“Oh, by the way,” said Ted, suddenly thinking of something.  “You remember I looked at the watermark on that first warning we received from these terrible demons.  Well, this screed has the same mark—­’Griffin Bond.’  When I was in town to-day I went into the bank.  Old man Creviss was behind the counter, and that precious son of his was beside him.  I had a check cashed, and Mr. Creviss asked me why we didn’t keep our bank account there.  I told him we had thought something about it, but I didn’t mention that we had decided not to.  Then I asked him for a couple of sheets of paper on which to write a note, and he handed them to me.  I took them to the window and held them up to the light to see the watermark.”

“And what was it?” asked Stella eagerly.

“The griffin.”

“Then the paper on which these things were written came from the bank?”

“They certainly did.  After I had looked at the watermark I turned to young Creviss and looked him square in the eye.  He turned as white as chalk, and his lip trembled.”

“He’s a coward,” said Stella positively.  “Why didn’t he bluff it out?”

“He had nothing to stand on; but, as you say, he’s a rank coward, and it’s my opinion that it’s only fear of Skip Riley that keeps him at it, anyway.  At all events, I gave him a good scare, for instead of writing the note I folded up the paper and put it into my pocket.  He stepped forward as if he would interfere and make me give the paper back, not having used it, but I gave him a glassy glare and walked out.”

“Then it was he who wrote the warnings.”

“Of course, and he knows that I have him dead to rights.  That is another mark against me with the gang.”

“Better watch out.”

“They can have me if they can get me.”

CHAPTER VII.

Song shoots A wolf.

Early one morning the broncho boys were startled out of their beds by the double explosion of a shotgun, followed by excited yells and screams of agony.

“That Chinaman has shot somebody,” thought Ted, as he rapidly skipped out of bed and pulled on his trousers.

In the living room he met all the boys, as scantily clad as himself, hurrying out to see what the noise was all about.