“But Dan,” interrupted Elmer Jones, “seems to me that before we crawled into our blankets I saw you hang your watch on to that nail driven through the tent pole.”

“Well, come to think of it, that’s just what I did do,” admitted the mourning Dan. “But you don’t see any watch on that nail right now, do you?” and he rubbed his eyes vigorously as though trying to discover whether they could be playing a trick on him.

Everybody agreed that the nail was destitute of any such appendage as a dollar nickel watch. Mr. Bartlett looked serious, but allowed the boys to talk it over.

“Well, there’s no use mourning for lost things when breakfast is nearly ready,” declared good-natured Fred Bonnicastle. “Mebbe the watch is just having a little joke of its own, and will turn up later in some pocket of your clothes, Dan.”

“I’m as hungry as a wolf!” called out Clint Babbett.

“Huh! I could eat my weight, and then not half try,” ventured Nat Silmore.

If the truth were told, Nat spoke up in this boyish way simply because he fancied some of the others were commencing to cast queer looks in his direction.

Dan did not say anything more but he did much thinking. Dick Horner was bothered. At first he concluded that it must be some boyish prank, and that presently the culprit would confess his guilt with shamefaced looks, realizing that after all it did not pay to play silly jokes, especially in a camp where strict discipline was to be maintained.

The more Dick thought it over, however, the less inclined he was to view it in such a simple light. So far as the vanishing watch was concerned that might pass current, for every one knew how much Dan thought of the present from his father on his last birthday; but when the disappearance of the cooking pan was considered, what boy would be silly enough to hide that?

That the subject was in the minds of most of the campers was evident, for while they were enjoying breakfast the thing came up again. It was Peg who introduced it by saying: