“I should say he had!” exclaimed Ned. “He used to mine it out this way, and——”

“I was in the Blue Rock section,” explained Bill Cromley, in answer to a look from Tinny. “Nothing very big——”

“But there was a big lot of gold in the treasure chest that went over the ledge!” broke in Jerry. “Tell Mr. Mallison about it, Bill.”

Thereupon the story was told of the lost treasure chest of Blue Rock. The boys listened eagerly, though they had heard it related before, but they wanted to judge of its effect on Mallison. Somewhat to their surprise and regret, he was not favorably impressed.

“Yes,” he said indifferently, “I’ve heard that yarn before. Didn’t I telegraph not to take stock in Blue Rock? I am inclined to think it’s a fairy tale.”

“A fairy tale!” cried Bob.

“Yes. I believe the stage driver was in cahoots with some bandits, and the crowd took the chest away from him.”

“But the stage driver was killed!” exclaimed Bill Cromley. “I knew him. He was a friend of mine!”

“Well, if that’s the case, I beg your pardon for doubting him,” said Mallison. “But I can’t help believing there was something crooked in the whole thing. That could be, and the driver still be innocent. The bandits may have chased the horses over the cliff to make it look like an accident so the authorities wouldn’t investigate. It’s a fairy tale, boys—don’t take any stock in it.”