They had journeyed rapidly over mountain and plain to the valley of the Guadalupes, where Mr. Marquand had informed them that he expected to find the treasure. In the three days consumed on the journey, the travelers had seen nothing of either Lasar or Comstock. Evidently the pair had decided to leave the country while they still had the chance, fearing that perhaps Mr. Marquand might invoke the aid of the law to rid himself of them if they remained.

The Pony Rider Boys and their outfit had arrived that afternoon, and during the remaining hours of daylight they had been excitedly exploring the ancient dwellings, most of which were in a dilapidated condition. There was one, however, two stories in height, that was in an excellent state of preservation. In fact it appeared as if it had only recently been vacated. After an examination of all the ruins Mr. Marquand had discovered what led him to believe that this was the structure which the old Pueblo chief referred to in his description of the resting place of the treasure. The chief had said he had never been near the spot. He was the only member of his tribe to whom the secret had been handed down, and he in turn had transmitted it to the white man who now stood within the shadow of the ancient dwelling place.

"I have my reasons for believing this is the place," answered Mr. Marquand, in response to the Professor's question. "If I am wrong, we shall have to wait until the moon rises to-morrow night. Come inside now, and we will close the door."

All hands crowded into the cool chamber, closing the heavy wooden door that barred the entrance.

"Don't see how moonlight can get through solid walls," muttered Stacy. "Ought to leave the door open."

No one answered him. In the darkened chamber, with its peculiar, musty odors, the boys did not feel in the mood for hilarity or even for speech. There was something about their situation that seemed to impress them profoundly.

"Stand over against the wall on the side, so as not to obstruct any light that might possibly get in here," directed Mr. Marquand.

The others moved silently to the side of the room indicated by him. They had stood thus for fully five minutes when an exclamation from Stacy broke the stillness harshly.

"Look! Look!" cried the fat boy.

A slender shaft of light had suddenly pierced the blackness, coming they knew not whence. It was there.