“We are. Now what about this bracelet and the two masked men?”

“Why, a couple of days after you caught me I went fishing for the blue tin box again and found it. The bracelet was inside and all right. I took it out and started for the Ford place, intending to give it back to Flossie. On the road I met those two masked men, and they held me up and took the bracelet and a ruby ring away from me.”

“Is this true?” asked Pepper. “You are sure you are not fooling?”

“It is the positive truth—hope to die if it isn’t. The men had clubs and one had a butcher knife, and I admit they scared me half to death. They acted as if they were about half crazy. One said he was going to give the bracelet to the queen of the North Pole, or something like that.”

After that Will Carey did not hesitate to give the particulars of the encounter on the road. His description of the two insane men was so perfect it left no doubt in the minds of his hearers regarding the truth of the recital.

“I wish I could catch those chaps,” he added. “But they said if I told anybody they would come to the school and butcher me some night, so I haven’t dared to open my mouth. Besides, I didn’t want to let Doctor Pornell know about the bracelet.”

“You say they had clubs and a butcher knife,” said Jack.

“Yes, and each of ’em had a couple of white bags over his shoulder, stuffed with excelsior and other things.”

“What!” almost yelled Jack and Pepper in concert.

“White bags. They had something in ’em wrapped in excelsior.”