She saw that he was uncoiling his riata as he spoke, and divined his purpose, as, with a cluck and a boot to Panchito, she thundered after the big cat, her heart thumping with mingled fear and excitement. Evidently this was an old game to Panchito, however, for he pinned his ears a little and headed straight for the quarry. Seemingly he knew what was expected of him, and had a personal interest in the affair, for as he came up to the animal, he attempted to run the panther down. The animal merely snarled and gave ground, while gradually Panchito "hazed" him until the frightened creature was headed at right angles to the course he had originally pursued. And now Don Mike, urging the pinto to top speed, came racing up and cut him off. "Catch him; catch him!" Kay screamed excitedly. "Don't let him get away!" She drove Panchito almost on top of the panther, and forced the beast to stop suddenly and dodge toward the approaching Farrel. As Panchito dashed by, Kay had a glimpse of Don Mike riding in, his looped riata swinging in wide, slow concentric circles--casually, even. As she brought Panchito round on his nimble heels, she saw Don Mike rise in his stirrups and throw. Even as the loop left his hand, he appeared to have no doubt of the outcome, for Kay saw him make a quick turn of his rope round the pommel of his saddle, whirl at a right angle, and, with a whoop of pure, unadulterated joy, go by her at top speed, dragging the panther behind him. The loop had settled over the animal's body and been drawn taut around his loins. Suddenly the pinto came to an abrupt pause, sliding on his haunches to avoid a tiny arroyo, too wide for him to leap. The strain on the riata was thus momentarily slackened, permitting the big cat to scramble to all fours and turn to investigate this trap into which he had fallen. Instantly he charged, spitting and open-mouthed, and, for some unknown reason, Farrel led the screaming fury straight toward Kay and Panchito. The cat realized this, also, for suddenly he decided that Panchito offered the best opportunity to vent his rage, and changed his course accordingly. Quick as he did so, Farrel whirled his pinto in the opposite direction, with the result that the panther left the ground with a jerk and was dragged through the air for six feet before striking heavily upon his back. He was too dazed to struggle while Farrel dragged him through the grass and halted under a lone sycamore. While the badly shaken cat was struggling to his feet and swaying drunkenly, Farrel passed the end of his riata over a limb, took a new hitch on his pommel, and ran out, drawing the screaming, clawing animal off the ground until he swung, head down, the ripping chisels on his front paws tearing the grass up in great tufts.