m of three hundred and
eighty-five dollars and twelve cents. All of which is respectfully
submitted by

"P. MILLER, Treasurer."

"Hooray!" shouted little Cal Moody, forgetting his surroundings in the
excitement of what he regarded as the vastness of this sum. As no one
else echoed his shout, he blushed, looked very sheepish, and wished he
had kept his mouth shut.

The Rangers had done well, remarkably well, as any one must acknowledge
who has tried to raise money under similar conditions; but in view of
"Cracker" Bob's recent statement, most of them felt that their great
undertaking had resulted in what was almost equivalent to failure, and
were correspondingly cast down.

"It is too bad!" exclaimed Sam Ray, breaking a gloomy silence. "Of
course we've got to pay the thirty-five dollars that Bob still owes
Reddy, for that is promised, and, besides, I'm certain that 'Cracker'
has earned more than that amount himself. After that is done, though, we
shall have only three hundred and fifty dollars left, which isn't more
than enough to purchase three and a half or four machines at the most,
and that will leave six of us with nothing to show for our winter's
work."

"I move," said Mif Bowers, who having been a performer in _Blue
Billows_, was fully persuaded that he was cut out for a sailor, "that we
don't buy wheels at all, but put our money into a yacht, and go on a
cruise down the Sound this summer."

"Second the motion!" cried Alec Cruger, who, having acted the part of
Bill Bullseye, was equally anxious to put his recently acquired nautical
knowledge to practical use.

"The motion is not in order," announced Will Rogers, firmly. "This money
was raised for an especial purpose; and, whether it is much or little,
it must be devoted to that purpose."

"That's so," agreed Sam Ray, who wanted a bicycle more than anything
else in the world, "and I move that the money be sent to Mr. Burgess,
with the request that he return just as many wheels as it will buy. We
can take turns at riding them, and work all through long vacation for
money to get the rest."

"Second the motion!" cried Si Carew.

"All in favor of Sam Ray's motion say 'aye.'"

"Aye!" responded half a dozen voices, though not very enthusiastically,
for most of the boys were greatly disappointed, and did not relish the
prospect of several months more of hard work for an object they had
believed already attained. Still no one voted against the motion, and