Having reached this point, Fred stood several minutes, uncertain what he ought to do. Evidently there was nothing to be gained by advancing further, nor by turning back, so he waited.

"I wonder where Bud has gone. There is something in the wood which he is interested in——"

The thought was not expressed when the rustling of leaves was heard, and Fred knew some one was near him. Afraid of being discovered, he shrank close to the trunk of a large tree, behind which he could hide himself the moment it became necessary.

No doubt the person moving through the wood was using some care, but he did not know how to prevent the rustling of the leaves, and it is not likely he made much effort.

At any rate the advantage was on the side of Fred, who, a minute later, caught sight of a slouchy sombrero and briarwood pipe moving along at a height of five feet or so above the ground, while now and then the motion of the huge boots was seen beneath.

"It's Bud, and he's looking for something," was the conclusion of Fred, fairly trembling with excitement; "and it won't do for him to see me watching him."

The trouble was that it was now broad daylight, and it is no easy matter for one to shadow a person without being observed; but Fred had the advantage of the shelter in the dense growth of shrubbery which prevailed in most parts of the wood.

However, he was in mortal dread of discovery by Bud, for he believed the ugly fellow would kill him should he find him watching his movements.

It was this fear which caused the lad to wait a minute or two after Bud Heyland had disappeared, and until the rustling of the leaves could no longer be heard.

Then, with the utmost care, he began picking his way through the undergrowth, stopping suddenly when he caught the sound again.