"Yes. We have seventy-six members, and the most adorable club-house. Oh, nothing pretentious, like the Country Club, but we like it a lot. And we have one plane—a Gypsy Moth. Lieutenant Hulbert flies over twice a week to give the lessons."

"Did seventy-six people actually buy thousand-dollar bonds?" inquired Linda, incredulously. She couldn't believe there was all that wealth in Spring City, and the surrounding country.

"No. Only about twenty. We couldn't keep to that rule. The people who bought the bonds are on the Board of Directors. We let members in for their dues—a hundred dollars a year."

"And do I have to fork out another hundred?" asked Linda, wearily. She had been spending so much money already; she couldn't begin to live on the interest from her father's gift. Of course she expected to use the principal for her course, but she didn't want it to vanish for trifles.

"I'm afraid you'll have to," said Kitty.

"Well, I'll think it over," replied Linda, slowly. It was amazing, in the few weeks that she had had charge of her own money, what a business woman she had become. "I may not join this year. My expenses are pretty heavy."

"Why, Linda!" Kitty laid her hand affectionately upon her friend's arm. "Forgive me if I seem to pry—but—but—your father isn't having money troubles, is he!"

"Oh, no. It's only that I am running my own expenses now, and I don't want to waste money on things that won't do me any good. While I'm away from home it seems sort of foolish to belong to that club, when I have my own Arrow to fly. Especially now that you have enough members, and really don't need me.... I'd rather sell my bond."

"I don't know whether you could sell it now," said Kitty. "Though of course I'll ask Bess—Bess Hulbert, our treasurer, you remember—when she flies back this afternoon. She has our Moth up at Lake Michigan now."

Linda raised her eyebrows. So this was the way the club was run—for Miss Hulbert's convenience!