But the Professor was lost in his enjoyment of the biscuit, which he had liberally smeared with the delicious jam.

Chunky did even better than that. He buried his biscuit under a layer of jam, over which he spread a thick coating of honey.

Ned fixed him with a stern eye.

"Remember, sir, that a certain amount of dignity befits the office of president of the Pony Riders Club," he said.

Chunky colored.

"It's good, anyway."

"Then, I think I'll try some myself," announced Ned, helping himself liberally to the honey and jam. "I'd lose my dignity for a mouthful of that, any day," he decided after having sampled the combination. "President Brown, I withdraw my criticism. I offer you my humble apologies. You are not only the champion hunter of the Pony Riders, but you also are the champion food selector and eater. Next thing we know you'll be providing us with bear steak."

"Bears, did you say?" demanded Stacy in a voice not unmixed with awe. "Are there bears up here?"

"I reckon there are," smiled the guide. "We are in the bear country now. I had a tough battle with one in a cave not far from here, several years ago. I came near losing my life too, and——"

"A cave?" interrupted Tad.