Without hesitation Mr. Beckley picked up the leather case and eyed it with a growing suspicion. It was now battered, almost shapeless. More than that it looked, somehow, almost too small. Finding that it was locked, he cut open one of the sides with his pocket knife.

But, instead of packages of bank notes and bags of gold and silver coin, there was disclosed brushes, comb, and a few other toilet accessories, together with a limited change of underwear and one bosom shirt. Of course these were soiled by mud and water, but not unduly discolored.

The varied expressions of dismay, vexation and amazement shown by those on the raft and in the skiff were almost comical.

Nels Anderson ventured an opinion that the bag was Grandall's, but wondered why the man had heaved it over first instead of jumping with it himself.

"He must have been crazed by terror," said Mr. Beckley. "But the question now is what did he do with the larger suit-case. He certainly had it somewhere, or that chap Murky wouldn't have been hanging round."

"Do you think both those men were burned to death?" This from Dave.

"I don't see how either could have escaped. The building was in flames when they disappeared. It is almost night and we're all tired. I think we perhaps had better to go back to camp, sleep quietly, and then in the morning we can search the ruins and see what we may find."

As everyone was weary, this received general assent. They were not only weary but discouraged. The unexpected and mysterious loss of the suit-case containing the money was, in itself, an unlooked-for defeat, and just as everyone felt sure that their difficulties were solved.

Scarcely had they reached the old camping ground than out of the still smoking wilderness came a loud shout. Link Fraley, his shapeless old hat pulled down almost over his eyes, his horses and wagon steaming wet and coated with ashes, drove up at a trot.

"Well, well!" he cried. "We've been worried about you all. Staretta's gone wild over this fire. Worried about the Andersons and the Auto Boys; and I'm more worried about what I saw on the way here."