Rustlers are stealing cattle, slaughtering them, and selling the meat to a crooked distributer. Bill, with the help of Larry Lane of the Cattlemen's Association and Zeb Waters, an old friend who runs a ferry, has to find the location of the illegal slaughterhouse somewhere along the river.; Bill comes across a stage robbery in progress and one of the robbers is captured. After arriving in Twin Peaks with the captive, Bill learns that there have been four other holdups, all involving gold shipments from the Antler Mining and Smelting Company.