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Registered in U.S. Patent Office

January 2 0. 192 Vol. LVI No. 5

Published Three Times a Month by The Ridgway Company

J. H. GANNON, President C. H. HOLMES, Secretary and Treasurer

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Entered as Second-Class Matter, October 1, 1910, at the Post-Office at New York, N. Y., under the Act of March 3, 1879

ARTHUR SULLIVANT HOFFMAN, Editor

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Trade-Mark Registered; Copyright, 1925, by The Ridgway Company in the United States and Great Britain. Entered at Stationers' Hall, London, England.

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Contents for January 20th, 1926, Issue

Dregs of Defeat A Complete Novelette Georges Surdez 7

France—one man must die.

The Were-Cougar *An Off-the-Trail Story Raymond S. Spears 53

Southwest—the great cats were his friends.

Toby's White Rats Captain Dingle 64

Sea—Sails loved his animals.

Vanished Annuities Faunce Rochester 71

Hunter's Code Don Cameron Shafer 72

Southern mountains—who gets the kill?

La Rue of the 88 A Five-Part StoryPart III Gordon Young 82

West—cowpunchers fight for their friends.

Orlick the Eagle Kenneth Malcolm Murray 110

Russia—the Borzoi was too valuable to lose.

When Kit Carson Went to Washington F. W. Hodge 122

{{*}}Occasionally one of our stories will be called an "Off-the-Trail" story, a warning that it is in some way different from the usual magazine stories, perhaps a little different, perhaps a good deal. It may violate a canon of literature or a custom of magazines, or merely be different from the type usually found in this magazine. The difference may lie in unusual theme, material, ending, or manner of telling. No question of relative merit is involved.

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