h quite a stretch of water inside--a rounded cove
up here, and a mitten-shaped cove over here. And the anchor was
drawn--wait a minute--right here. Why, Bob, look here! That's the same
rounded cove with the beach where the sloop anchored that night they got
me!"

Bob could hardly contain himself. "I remember!" he said. "And the dot,
with the word 'Watter' was one and a half finger-joints northeast of the
bay. Let's see, the bay itself was about four joints long, wasn't it? Or
a little over? Anyhow, that would put the spring about--here."

"Allowing for our not being able to remember exactly the shape of the
bay," Jeremy put in, "that's just where the spring should be. Bob, this
is the island! And now that cross-mark between the two straight
lines--two finger-joints northwest of the anchorage-cove, it was. That's
just about here." He marked the spot on the floor with his stick.

"Now we've got it all down. And if that cross-mark shows where the
treasure is----" Jeremy paused and looked at Bob, his eyes shining.

"Where would that be--up on the hill somewhere?" asked Bob breathlessly.

"About three-quarters of a mile south of the spring--right on the
ridge," Jeremy answered.

"When shall we start?" Bob asked, his voice husky with excitement.

"Wait a bit," counselled Jeremy. "We daren't tell father or Tom, for
they'd think it just a wild-goose chase, and we'd have to promise not to
leave the cabin. You know it _is_ an improbable sort of yarn. Besides,
we'd better go careful. Do you know who I think is at the head of that
crew, over in the creek?"

"Who?" whispered Bob.

Jeremy's face was pale as he leaned close.

"Pharaoh Daggs!" He said the name beneath his breath, almost as if he
feared that the man with the broken nose might hear him. And now for the
first time he told Bob of the schooner that had slipped past in the dark
that night in the East River.

"You're right, Jeremy," Bob agreed. "He'd lose no time getting up here
if he could find a craft to carry him. You don't suppose they've found
Brig's treasure yet, do you?" he added in dismay.

"They can't have reached here more than a day before us," Jeremy
replied. "And if they haven't it already aboard, they won't be able to
do anything while this fog holds. If it should lift tomorrow, we'll
have a chance to scout around up there. But don't say a word to father."

That night the boys slept little, for both were in a fever of
expectation. They were disapp