The conversation took place on the bank of the Hudson River, not far from Poughkeepsie.

It was the day of the great intercollegiate boat races.

The single-shell race had just been ordered.

Among the number to compete in this race was Jerry Upton.

Our hero was rich now—that is, his folks were, which amounted to the same thing.

On trial it had been proven what a villain Alexander Slocum was. All of his masquerading in the west under the name of Darnley was exposed, as well as his fraudulent land schemes in the east. The real-estate manipulator was sent to prison for a term of years, and the property in California was divided up between Jerry’s father, Nellie Ardell and several others who held an interest in it.

The land was found to be within the city limits of Sacramento, and the Upton share was computed to be worth forty-five thousand dollars.

Mr. Upton was offered forty thousand dollars for it, but by the advice of Colonel Dartwell, who became his intimate friend, he concluded to keep it.

“The investment is bringing in good interest,” he said, “and as it was Jerry who did the work in getting it, the lad shall have it just as it stands when I and my wife die.”

Immediately after these matters were settled up, Jerry began to study for college, and Harry did also, and both made the entrance examination with ease.