As Stranleigh's horse entered the forest the young man began to ponder over the problem that confronted him. When the unfortunate Armstrong borrowed money from Ricketts, he had, of course, fully explained the situation. The lender had examined the property in company with a mining engineer, and this expert doubtless took away with him some ore to analyse at his leisure. Ricketts, being in possession of the engineer's estimate of the pit's value, had probably formed a syndicate, or perhaps made arrangements with other capitalists, to see him through with the speculation. Undoubtedly Ricketts expected no competition when the estate was put up at auction, but if he was a shrewd man, as was almost certain to be the case, events had occurred which might stimulate thought regarding his position. Miss Armstrong had ridden out to Bleachers, having in her possession five thousand dollars, the face value of the notes. Ricketts would wonder how she had obtained the money. She possessed only two thousand dollars on her first visit, as he knew from the fact that she had offered it to him for refraining from action until her father returned. Who could have given her the extra three thousand? Whoever had done so must have known the girl could offer no security for its repayment. He was therefore a rich man, or he could not afford to throw away a sum so considerable. It was likely that such reflections as these had put Ricketts on the alert, and the sudden advent in Bleachers of a smartly costumed stranger, a stranger coming from the direction of the ranch, would almost certainly convince Ricketts that here was his opponent. In Bleachers, too, each inhabitant very probably knew every one else's business. That he could elude the astute Ricketts was therefore exceedingly doubtful, and Stranleigh already knew enough about the lawlessness of the district to believe that he might ride into considerable danger. In that sparsely-settled country, people were not too scrupulous in their methods of getting rid of an enemy. He wondered how far down the line the next town was, for he was certain that any telegraphing he did from Bleachers would speedily be known to Ricketts. Would it be possible to deflect his course, and make for the next station eastwards? He possessed no map of the State, however, and there was little chance of meeting anyone, so there seemed nothing for it but to push on to Bleachers.