ous with the passing days, sometimes being low
spirited and declaring that there was no hope for the Black Growler.

He was easily routed out of his despondency, however, for it has been
well said that it is not difficult for men to believe the things which
they wish to believe.

"We'll be all right," said George confidently. "There wouldn't be any
fun in a race if the other boat did not have some speed in her. But you
just wait, Fred, and we'll show that Varmint II a clean pair of heels."

"I hope so," said Fred, his courage quickly rising again.

"By the way, Fred," said John, "you never told us any more about that
man who came for the bond."

"I haven't any more to tell," said Fred quietly.

"Now look here, Peewee," spoke up Grant. "That bond wasn't yours. It
belonged to the Go Ahead boys. I don't see why you assume all the
rights of ownership."

"I don't," protested Fred. "The bond was registered in my name at the
bank and so I had to go with my grandfather to see about it."

"Did that canal-man steal the bond?" asked John.

"I can't tell you," replied Fred.

"Do you mean you can't, or you won't tell?"

"A little of both," laughed Fred, eager to change the subject.

Throughout these conversations Sam Hodge seldom spoke. Indeed, as the
time drew nearer the day of the race, his anxiety manifestly increased.
He was busy on or about the boat throughout the day and even when night
fell it was difficult to persuade him to retire to his room in the
boat-house.

Once when Fred looked out of his bedroom window, in the moonlight night
about twelve o'clock, he discovered Sam pacing back and forth on the
dock. Just why he was so uneasy Fred did not understand and Sam did not
offer any explanation.

On the following night not long after the boys had retired, they were
awakened by a loud call from Sam Hodge.

"Hi! Hi there!" he shouted. "Come out here."

Hastily donning their clothing the boys ran out of the house and
quickly joined Sam, who had leaped into a skiff that had been fastened
to the dock and was now rowing swiftly toward the head of the island.

"What is it, Sam?" called Fred.

Sam, however, made no response and soon disappeared from sight around
the bend in the shore.

"What do you suppose the trouble is?" inquired John.

"I'm telling you," said George, "that Sam has seen something that
surprised him. He has been saying all the while that he was afraid
something might happen to the Black Grow