“I thought so!” he exclaimed.

“Doctored?” inquired Ned and Jerry nodded.

“Iron or steel filings,” he said. “Lucky there is plenty of graphite to be had, or we’d be stuck.”

It did not take long to borrow from other cyclists some of the stuff, and the chains were soon lubricated. The boys still had five minutes before their race would be called. They spent the time in resting from their hustling labors. They had fixed things just in time.

In the meantime Noddy had been rather busy about the track. He prided himself on being a sport and was seeking some one who would lay wagers with him. He made several on various events, profiting by what Jack Pender said were sure tips.

“I wonder if we can’t bet something on this race we’re in?” asked Noddy of his toady.

“I don’t see why not,” assented Jack. “I think you have a good chance of winning, with those three young cubs out.”

So Noddy busied himself, putting up what was a large sum even for a youth whose father kept him liberally supplied with pocket money. As a matter of fact Noddy went so deep into the betting that he had to lay considerable of the money on “wind.” That is he did not have in his pocket the money he would have to pay if he lost. But then he did not think of losing.