th his whistle, though the noise of the exhaust must have been
noted before. In response, Kit Woodford and Graff Miller came out from
among the trees, halted at the side of the launch and stared at the
_Water Witch_ and its single occupant.

Could they believe their eyes? They saw before them their own boat and
the young man whom they had cowardly deserted in his extremity. What was
the explanation to be?

By this time the parties were so near that they could talk with only a
slight raise in their voices. Kit Woodford was the first to open his
mouth. With a profane expletive expressing his surprise, he demanded:

"Where did you come from?"

It was on the tongue of Noxon to make a biting reply, but he did not
forget the part he had to play.

"I found this boat at the wharf at Beartown and thought I'd hunt you up.
How came you to have _that_ launch?"

"Some one had run off with ours and left that. So we made a trade and I
rather think we got the best of the bargain. I don't understand how ours
was found by you."

"Maybe the owners of that wanted to trade back. I say, Kit, I would like
to know something--why did you and Graff run off and leave me behind?"

"We didn't!" replied Woodford, with virtuous indignation. "Me and Graff
hunted high and low for you and made up our minds you had run off
yourself with the swag."

"A fine lot of swag I had, when I had to scoot just after I got the safe
open."

While this snatch of conversation was going on, Noxon, who had cut off
the power, was edging nearer. Calvert and Hagan squeezed each other so
hard that it looked as if they would push themselves through the hull of
the launch.

Graff Miller now put in his oar:

"If we didn't get a haul out of the measly post office we've scooped a
mighty fine motor boat. We can sell it and gather in enough to last us
till we crack another place."

"That won't be as easy as it looks to you. The whole neighborhood is up
in arms and we shall have to lie low for awhile."

"Well, we've got enough to keep us a week or so----_Nox, there's somebody
in the boat with you_!" exclaimed Miller, who that instant caught sight
of the head of one of the crouching men. The craft was now so close that
concealment was impossible. In fact, in the same moment that the _Water
Witch_ gently bumped against the other boat, Stockham Calvert and Warner
Hagan straightened up and bounded across upon the _Deerfoot_. Each
grasped a revolver, and Calvert shouted