o indicate that everything was all right
and that the conspirators, whoever they might be, would be greatly
disappointed when they examined the _Gazette_.

Harry, Arthur, Billy Manners and Jack himself kept their eyes upon the
suspected boys to see how the perusal of the magazine affected them.

"Oh, I say, fellows, here's something rich!" Arthur heard Merritt say as
he opened the paper. "Let me read--why, that's nothing."

"He is one of the disappointed ones," thought Arthur, "but he may have
only had knowledge of the thing rather than participated in it."

Harry kept his eyes upon Herring when the latter began to look at the
paper and noticed that he seemed disappointed for he turned page after
page evidently without finding what he wanted.

"There's nothing in that!" he sputtered in disgust. "It is not worth the
paper it is printed on and wouldn't be if it were printed on the worst
kind of brown wrapping paper. I won't subscribe for it again."

"What is the matter with it?" asked Harry.

"There's nothing in it, that's what."

"You mean that you expected to find something that is not----" and then
Harry caught a warning look from Jack and stopped short.

Herring flushed crimson, however, and looked guilty, throwing the paper
on the ground with an angry exclamation and walking hurriedly off the
campus.

"That's one of the fellows if not the principal one," said Harry to
Jack with a triumphant tone. "I have always suspected him."

"Suspicion is not proof, Harry," answered Jack, "and we must have more
evidence before we can convict him."

"Just wait till we do, then. I wouldn't be in his slippers at the time,
not for a hundred dollars!"

CHAPTER XV

FUN AND EXCITEMENT

The new number of the _Gazette_ was liked by all the boys with a few
exceptions, which were to be expected and nowhere was anything but
praise heard in regard to Jack Sheldon's first appearance as an editor
for the disaffected ones were wise enough to remain quiet after the
first outbreak of disapproval.

"Herring will keep still," said Dick to a few of his chief cronies who
were in the secret. "He does not understand just how the thing happened,
but he knows that he is suspected and will keep under cover for a time.
Don't say anything to arouse his suspicions."

"I came pretty near letting the cat out of the bag," laughed Harry, "but
I will be careful after this."

"Yes, you must be. You are too apt to sputter out what you th