Noddy examined it more closely. Then he laughed.

“Some one has gone to the trouble of marking his initials on it in red ink,” he said. “Probably for identification, or to serve as a mark. Maybe it was once used as a marked bill,” and Noddy gave a short laugh. “See, there are the letters H. R. C.”

“I guess you’re right,” agreed Paul. “Well, hand it over. I must be going. Sorry you lost the bet, but losers must pay, you know.”

“Oh, I’m not squealing,” retorted Noddy.

“Guess I’ll be going,” went on Paul. “Beastly long walk back to town.”

Ned was glad to hear the sound of departing footsteps. He kept in hiding for five minutes, however, fearing Noddy might return. At the end of that time he ventured out. He saw Noddy and Paul almost across the field and knew he was safe.

Ned hurried back to town, going the same roundabout path he had taken in coming. He hastened to Jerry’s house and told him what had taken place, and the two hunted up Bob and related the events to him.

“Things are getting warm,” commented Bob.

“They are that,” replied Jerry.