them strayed beyond the wire fence at the far end of the valley.
Should any stray from the other egress, nearest Diamond X ranch, no
great harm would result, as they would still be on their owner's land.

But the farther, or north end, adjoined land owned by Hank Fisher, the
Double Z representative. And there were ugly stories current
concerning Mr. Fisher.

But as the days passed, and as the water still flowed through the pipes
and underground tunnel into the reservoir, Bud and his companions began
to think they had imagined more troubles than were really to occur.

"Guess that warning was only a bluff," said Bud, one day.

"And the black rabbit doesn't seem to have given you the jinx," added
Nort.

"But we didn't find that man you shot," put in Dick.

"I don't believe I shot him," declared Bud. "There was blood, sure
enough, but he may have stumbled, as, in fact, we saw him, and
scratched himself."

"But where did he disappear to?" asked Nort.

"Give up," answered Bud. "We'll have to take another look after we get
our first shipment out of the way."

For the first bunch of steers from the Flume Valley camp were to be
disposed of shortly.

It was the day when this shipment was to be made that Bud, awakening
early in the tent where he slept with his cousins, uttered an
exclamation of surprise as he caught sight of something on the blanket
that covered him.

"What's the matter?" asked Dick, sitting up.

"Did you leave this here?" asked Bud, as he held up a piece of board,
evidently part of a packing case.

"Me? No!" answered Dick. "What is it?"

"Either it's a joke, or it's the black rabbit getting in his work,"
answered Bud. "It's from an unknown enemy--another warning!"

And, as Bud held up the board, Nort and Dick could read, scrawled on
it, evidently with a fire-blackened stick, the words:

"Warning No. 2. When will you quit?"

CHAPTER VI

TROUBLE AT SQUARE M

"Guess that must be a joke," decided Nort, as he stepped gingerly from
his cot, for it was cold in the mornings, though hot enough at midday.
"Likely Old Billee or Yellin' Kid stuck it there," added the eastern
lad, as he looked at the scrawled warning.

"Old Billee wouldn't do it," declared Bud. "He's gotten over his
joking days. But it might have been Yellin' Kid."

"Sure!" agreed Dick. "Probably he did it to make what Billee said
about the black rabbit come true--to sort of scare you, Bud."

"Well, of course tha