Mr. William Hyde was discharged from Deer Lodge Penitentiary a changed man. That was quite in line with the accepted theory of criminal jurisprudence, the warden's discipline, and the chaplain's prayers. Yes, Mr. Hyde was changed, and the change had bitten deep; his humorous contempt for the law had turned to abiding hatred; his sunburned cheeks were pallid, his lungs were weak, and he coughed considerably. Balanced against these results, to be sure, were the benefits accruing from three years of corrective discipline at the State's expense; the knack of conversing through stone walls, which Mr. Hyde had mastered, and the plaiting of wonderful horsehair bridles, which he had learned. Otherwise he was the same "Laughing Bill" his friends had known, neither more nor less regenerate. Since the name of Montana promised to associate itself with unpleasant memories, Mr. Hyde determined at once to bury his past and begin life anew in a climate more suited to weak lungs. To that end he stuck up a peaceful citizen of Butte who was hurrying homeward with an armful of bundles, and in the warm dusk of a pleasant evening relieved him of eighty-three dollars, a Swiss watch with an elk's-tooth fob, a pearl-handled penknife, a key-ring, and a bottle of digestive tablets. Three wasted years of industry had not robbed Mr. Hyde of the technique of his trade, hence there was nothing amateurish or uproarious about the procedure. He merely back-heeled the pedestrian against a bill-board, held him erect and speechless by placing his left hand upon his victim's shoulder and pressing his left forearm firmly across the gentleman's apple, the while with his own dexterous right mit he placed the eighty-three dollars in circulation. During the transaction he laughed constantly. An hour later he was en route for the sunny South, there being good and sufficient reasons why he preferred that direction to any other. Arizona helped Mr. Hyde's lungs, for the random town which he selected was high and dry, but, unfortunately, so was Laughing Bill soon after his arrival, and in consequence he was forced to engage promptly in a new business enterprise. This time he raised a pay-roll. It was an easy task, for the custodian of the pay-roll was a small man with a kindly and unsuspicious nature. As a result of this operation Bill was enabled to maintain himself, for some six weeks, in a luxury to which of late he had been unaccustomed. At the end of this time the original bearer of the payroll tottered forth from the hospital and, chancing to overhear Mr. Hyde in altercation with a faro dealer, he was struck by some haunting note in the former's laughter, and lost no time in shuffling his painful way to the sheriff's office. Seeing the man go, Laughing Bill realized that his health again demanded a change of climate, and since it lacked nearly an hour of train time he was forced to leave on horseback. Luckily for him he found a horse convenient. It was a wild horse, with nothing whatever to indicate that it belonged to any one, except the fact that it