It was easy enough to see that Johnny and his friends were anything but delighted at what they had heard. If one might judge by the expression on their faces they were very much disgusted.

CHAPTER II.
JOHNNY IS DISGUSTED.

"Simp," said Johnny, after trying in vain to find words strong enough to express his feelings, "I've a good notion to duck you in the bay for not telling of this before. Get out of my boat!"

"Oh, now, I can't get out and walk ashore, can I?" whined Simpson.

"That's so; but I can soon put you ashore; and, Simp, don't you ever speak to me as long as you remain at this academy."

"I would like to know what is the matter with you fellows," demanded the culprit, greatly astonished and utterly at a loss to account for so much feeling on Johnny's part. "I am sure I did nothing but what you would have done if you had been in my place."

In his opinion, anything that helped to insure the defeat of a rival was perfectly fair and honorable. He had expected that Johnny and his friends, after listening to his revelation, would be all enthusiasm and admiration for the shrewdness Gus had exhibited in getting to windward of his opponent, but instead of that they all appeared to be very indignant, and Johnny had expressed a desire to throw him overboard. He could not understand it.

"I don't believe you want our fellows to win," repeated Simpson.

"Yes I do, if they can win honorably. But I'll tell you what is a fact: Gus Layton shall not have that silver pitcher. I will blow the whole thing, and in the presence of all the spectators, too."

"Oh, don't do that!" gasped Simpson, almost paralyzed at the thought. "I wouldn't have my name mixed up with this business for anything. Gus would half kill me if he knew what I have told you."