would then have their forty thousand back, and
the forty thousand which they could make the express company pay them.
The original forty thousand would come back to Norcross, and he would
get his share of the money which the express company would pay."

"That was easy."

"It would have been, but for the fact that Norcross insisted upon being
insured for the use of his forty thousand in case anything else happened
to it. In this way he got another large sum."

"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 t