I am trying to find my way to Musky Bay.
Can you direct me?"

The other looked at the boy with a glance of quick suspicion. "Livin'
there?" he asked.

"Yes, that is to say, I'm staying there with friends."

"Umph! I know a crowd of folks there. Who you stopping with?"

Before Billy realized what he was saying he had made a fatal slip.

"With Captain Simms--that is," he hurried on, in an effort to correct
his blunder, "I----"

"Know a kid named Ready--Jack Ready?"

"Why, yes, he's my best friend. He--here, what's the matter?"

The other had suddenly drawn a pistol and held it pointed unwaveringly
at Billy.

"Jerk up yer hands, boy, and get 'em up quick!" he snarled.

Billy had no recourse but to obey. The man facing him was a hard-looking
enough character to commit any crime. With a sudden pang Billy recalled
that he was wearing the handsome watch--one of which had been given both
to Jack and himself for services they had performed for a high official
in Holland, when they rescued the latter's wife and daughter from
robbers who had held up the ladies' automobile.

He saw the man's eyes fixed on the chain with a greedy glare. "Hand over
that watch," he ordered.

Billy did as he was told. Then came another order while the pistol was
pointed unwaveringly at him.

"Now come across with your cash."

Billy handed over what money he possessed--about fifteen dollars. The
rest was in a New York bank, and some in a safe at the hotel.

The man looked at the inscription on the watch.

"William Raynor, eh? Your friend was talking about you just before we
had to----"

All his fear was forgotten as the man spoke. His tones were sinister.
Billy realized, like a flash, that this man was an ally of the Judsons,
and must have had a hand in Jack's disappearance.

"Had to what?" Billy demanded. "You don't mean that you committed any
act of violence?"

"Well, I'm not sayin' as to that," rejoined the other, who, as our
readers will have guessed, was Bill Sniggers, "you'll find out soon
enough."

The man was deliberately torturing Billy.

Soon after Jack's escape, Judson had awakened, and had been the first to
discover that the boy had got away. A hasty and angry consultation
followed, and it had been decided to send Bill, who was not known by
sight in the vicinity, out to scout and see if the hunt for the missing
boy was up. His astonishment at running into Billy was great. At first,
till the boy spoke of Musky Bay,