He is well
known in this part of the country--a wolf with almost human
intelligence, fierce, a perfect devil of an animal, to whose pack every
ranch in this country has paid heavy tribute. You will know more about
him if you stay here. He is the devil in the hide of an animal.

"Well, I resigned myself to my fate, with a prayer that the little pony
would get me to the Bubbly Well Ranch before the wolves pulled me from
his back. And he did."

"But you said something about the Gray Wolves visiting us?"

"Yes. They will be here. Prepare to defend your lives and the house.
They know I am here, and they know that you have my sister's treasure.
That is what they want."

"How do you know that?"

"Joy told me, and more, which you will learn later. But I feel faint,
and can talk no more. 'Ware the Gray Wolves!"

CHAPTER XXII.

THE WOLFSKIN.

Frederic Caruthers' warning was received seriously.

Ted and the boys consulted about the defense of the house, for the news
of the Gray Wolves was not much of a surprise to Ted, who had all along
felt that they were sure to be attacked by Mowbray and his men when they
found that Major Caruthers and the broncho boys had emptied the Mowbray
house of all its valuables.

The fact that there was an organized body of murderers and thieves under
Mowbray called the Gray Wolves was not inappropriate.

But if the Gray Wolves came to the attack, the boys were prepared to
receive and deal with them as they would with any band of marauding
animals.

"We'll establish a guard at once," said Ted, "and it will stand as
organized until this thing is settled."

"It will have to be kept up night and day," said Ben Tremont. "If these
chaps are as clever as I think they will probably seek to do us harm by
day as well as night."

"Thar's sense in thet thar," said Bud. "Better make it two watches."

"All right," said Ted. "Ben will have charge of the day watch, and take
six of the boys, whom he will detail for duty as he thinks best."

"How do you want to arrange the hours?" asked Ben.

"Suit yourself about that, but I would suggest that the day be divided
from six o'clock to six o'clock, day and night."

"Suits me," said Ben. "That will give my six boys a stunt of two hours
each, which will make it easy for every one, and insure a constant and
careful watch."

"Bud, you will be captain of the night watch," said Ted. "How do you
want to arrange it?"

"I would patrol ther house o