"Can't make head or tail of it," muttered the lad. "Is it that---- By thunder, I have it! There are horse thieves around here! They must have started their work since last round-up, and it hasn't been found out yet. They've been stealing unbranded colts, and been putting a mark on 'em. But why should they use the cup and spur? It gets me, sure."
And that was as far as he could get to a solution of the problem.
"I don't know whether there's anything in it, but I found this iron in a shack about five miles north of here," said Ted. "Seems to me there's something fishy about it, though I might be mistaken."
He was speaking to the sheriff at Elk Creek, who took the iron and examined it closely. No light of understanding dawned on that worthy's face for the moment.
"Guess it must be an old one that's been thrown away," was all he could suggest.
"It doesn't look too old," returned the lad. "It's new enough to make a pretty good brand yet, anyway. Looks to me as though it wasn't being used fairly. Hobson, the foreman of the Cup and Spur, should have all these locked up at this time of the year. Have there been any horses shipped away from this district lately?"
"Why, yes; the Cup and Spur outfit sent a bunch of spring colts East only six weeks ago. Struck me as they were rather young to go, but I didn't trouble about it. 'Twas none of my business."
"But Mr. Knowles, the boss of that ranch, doesn't believe in shipping away so soon."
"I see what you're driving at now, kid," he said, "and I'm beginning to agree with you. Those colts that were shipped away weren't Cup and Spur stock at all! They were rustled and branded with that mark, so's suspicion wouldn't fall on any one. No one would believe Knowles capable of stealing, and no questions would be asked."
"Well, that point's pretty well settled," went on Ted. "Next thing is, who's rustling 'em?"
"Got me again," said the sheriff laconically.
"Well, what do you say if we do a little work? I've got an idea that may be worth something. Let's go back to the Cup and Spur Ranch and make inquiries."
The sheriff complied with him. Together they rode southward, Ted having found his horse when he arrived at Elk Creek. The first man they met on their arrival at their destination was Hobson.