"Huh! It isn't because I'm not afraid," admitted her chum. "But somebody must tell those boys, dear."

Ruth had already seized her coat and cap. She shrugged herself into the former, pulled the other down upon her ears, and catching up the loaded gun ran out of the kitchen just before Mrs. Murchiston, who had suddenly suspected what she was about, came to forbid the venture. Ruth, however, was out of the house and winging her way down the cleared path toward the pond, before the governess could call to her.

"Oh, she will be killed, Mrs. Murchiston!" cried Helen, in tears.

"Not likely," declared that lady. "But she should not have gone out without my permission."

Nor was Ruth altogether as courageous as she appeared. She did not suppose that the huge cat that had so frightened her and the strange boy that Mr. Cameron had brought up from Cheslow, was very near Snow Camp as yet. Yet she glanced aside as she ran with expectation in her eyes, and when of a sudden something jumped in the bushes, she almost shrieked and ran the faster.

There was a crash beside the path, the bushes parted, and a great, fawn-colored body leaped out into the path.

"Oh, Reno!" Ruth cried. "I never was so frightened! You bad dog—I thought you were the cat-o'-mountain."

But immediately she felt that her fear was gone. Here was Tom's faithful mastiff, whose tried courage she knew, and which she knew would not fail her if they came face to face with the panther.

She hurried on, nevertheless, to the pond, to warn the boys; but to her surprise, as she approached the ice, she heard nothing of the truants. There was no ring of steel on the ice, nor were their voices audible. When Ruth Fielding reached the ice, the pond was deserted.

"Now what could have happened to them? Where have they gone?" thought the girl.