"This is just about the exact spot," said Randy, surveying with a
critical eye the rock and then the tree. "Hold the boat steady, Ned.
I'll be ready in a second or two."

This was not a difficult task, for the water was as smooth as a mill
pond and almost as motionless.

Clay and Nugget had by this time paddled out in their canoes to witness
operations, and the little group on the shore were waiting in breathless
silence.

Randy was prepared now, and suddenly he mounted the broad stern seat,
and stood on the outer edge.

An audible murmur came from the shore, and Daddy Perkiss mumbled
shrilly: "They're right over the middle of the Hole."

"Paddle down a little," said Randy in a quiet tone to Clay and Nugget.
"You obstruct the view. Still in the right location, are we?" he
inquired of Ned.

"Yes, as near as possible," was the reply. "Be careful, old fellow!"

Randy smiled and glanced at the expectant crowd on the shore. Then he
drew a long breath, pressed his hands together and dived gracefully into
the cloudy blue water. It was done so quickly and cleverly that no loud
splash followed, nor was the boat violently shaken.

As the seconds passed on not the least sound broke the stillness; every
eye was fixed on the spot where the lad had disappeared, and every heart
was beating tumultuously.

The seconds grew almost to a minute, and still the smooth surface
remained unbroken. Ned's hand trembled as he kept the boat in position,
and Clay and Nugget exchanged frightened glances.

"I knew it," cried Daddy Perkiss in a cracked voice. "That lad will
never be seen again. He's gone down to meet Jonas Rudy."

This ill boding prophecy had scarcely left the old man's lips, when
Randy shot into view a few feet to the left of where he had disappeared.
Half a dozen strokes brought him to the boat, and with Ned's assistance
he scrambled over the side.

His hands were empty.

A burst of laughter came from shore, and Daddy Perkiss cried
triumphantly: "Where's the gun, lad? Did you find bottom?"

Randy only waved his hand in reply. He was panting a little for breath,
but his face wore a very peculiar smile--a smile that quite baffled the
three eager boys.

"What luck?" queried Ned excitedly. "How far down were you? Did you find
anything?"

"You will know before long," replied Randy with aggravating calmness.
"Keep the boat in the same place, Ned. One more stroke. There, that's
it Here goes for another."

He quickly