The approaching terror had drifted into the shadow again. Suddenly, so near that it fairly seemed to scorch the frowsy top of the sapling to which he was hanging, a weird blue light twisted upward almost in Billy's eyes. At the same moment a tiny hoot-owl, sleeping off its early evening's feed in the cedar close beside the boys, woke up and gave a ghostly cry. It was too much for overstrained nerves to stand. Billy felt Fatty's form quiver and leap even before his agonized howl fell on his ears—a cry which he and Maurice may have echoed, for all he knew.

They were fully a mile away from the place of terror before sheer exhaustion forced them to abate their wild speed and tumble in a heap beneath a big elm tree, along the trail of the forest.

For a time they lay gasping and quivering. Maurice Keeler was the first to speak. "Say, Bill," he shivered, "is it light enough fer you to see if the hair is scorched off one side o' my head? That—that ghost's breath shot blue flame square in my face."

"It grabbed me in its bony fingers," whispered Fatty. "Gosh, it tore the sleeve fair out'a my shirt. Look!" And to prove the truth of his statement he lifted a fat arm to which adhered a tattered sleeve.

Billy sat up and surveyed his companions with disgust.

"A nice pair of scare-babies you two are," he said, scathingly. "A great pair you are to help me find old Scroggie's will an' money. Why, say, if you'd only kept your nerve a little, that ghost would'a led us right to the spot, most likely; but 'stead o' that you take to your heels at first sight of it. Say! I thought you both had more sand."

Maurice squirmed uncomfortably. "Now look here, Bill," he protested, "Fatty an' me wasn't any scarter than you was, yourself. Who made the first jump, I want'a know; who?"

"Well, who did?" snapped Billy, glowering at his two bosom friends.

"You did," Maurice affirmed. "An' you grabbed Fatty by the arm an' pulled his shirt sleeve out. I saw you. And you can't say you didn't run neither, else how did you get here same time as Fatty an' me?"

"Well, I didn't run, but I own I follered you," compromised Billy. "There wasn't anythin' else I could do, was there? How did I know what you two scared rabbits ud do? You might'a run plumb into Lake Erie an' got drownded, you was so scared. Somebody's had to keep his head," he said airily.