As every one knows who has been on the water, or for that matter, out in a fog, sounds carry much farther and with much more distinctness under such conditions than ordinarily. It was because of this that the boys heard, borne down the river to them, the sound of voices.

“Now I won’t take any of your threats, Bill Berry!” they heard some one say.

With a quick but noiseless motion Ned slowed the motor down to first speed. The craft made scarcely a sound and glided through the water like a ghost, with one red and one green eye.

“Did you hear that?” asked Bob.

“Keep quiet!” commanded Jerry. “It sounded like Noddy’s voice. If it was we must find out what he’s up to.”

They listened intently, and heard a confused murmur. The words borne to them must have been exceptionally loud or else an echo carried them. Then, again, they heard plainly.

“You needn’t try to scare me, Bill,” spoke the voice, which all three now recognized as Noddy’s. “You’re as deep in this thing as I am, and if you try to give me away I can do the same for you.”

Then came the low tones of some one evidently pleading with Noddy.

“Steer close up, under those overhanging trees,” said Jerry to Ned. At the same time he threw the edge of a tarpaulin over the red and green side lights.