The second time Bugs uses the magnet on Red Hot Ryder, there were more bullets, money, etc. in Red Hot Ryder's belt and pockets - but there was no time or place that he could have replaced them.
After the second use of the magnet, Bugs' black mask disappears. It reappears after delivering the telegram, but disappears again when Red Hot Ryder asks Bugs, 'Which way did he go?'.
After Bugs delivers the telegram and rides off on his 'horse', the scene cuts, and Red Hot Ryder's horse disappears from view, and Bugs' hole suddenly appears. This is the same background as used when Bugs first uses the magnet on Red Hot Ryder.
Red Hot Ryder is shown walking past Bugs Bunny's hole in the ground, with the hole being in the background and Red walking right to left.
Bugs Bunny then pops his head out of his hole, and Red is shown still walking right to left, but now Bug Bunny's hole is in the foreground.
Twice, Bugs uses a magnet to strip Red Hot Ryder of every metal object on his person. This includes objects made of metals that are non-magnetic - non-ferrous - (gold tooth fillings, cartridges with brass cases and lead bullets, coins made from various precious metals). The first time the magnet is used, while it strips all the bullets and gold coins, it fails to pull the guns out of Red Hot Ryder's pants.
In the opening the narrator says it this cartoon takes place in the San Fernando Valley. Yet there is a Saguaro in the foreground. The Saguaro is found only in the Sonoran Desert which is located in Southern Arizona and Northwestern Mexico. It is NOT found in the greater Los Angeles area.