As he spoke there came a loud clattering sound down near the elevators—the halfway mark of the race. All the toys strained their necks to look, and they saw that one of the roller skates had come off the Elephant. He had turned too quickly, and had lost a skate.

"Never mind! Go on! Go on!" cried the Elephant, who was quite a sporting chap in his own way. "Go on with the race! I can beat you on three skates, Mr. Horse!"

"Ho! Ho! We'll see about that!" whinnied the rocking chap, as he made the turn and started back.

The two toys were going along as fast as they could, the rumble of the rockers on the White Horse mingling with the roll of the skates on the Elephant, when, all of a sudden, a brighter light shone in the toy department, the tread of footsteps was heard, and the Calico Clown had just time to shout:

"The watchman! To your places, every one!"

And instantly the toys were as motionless and quiet as mice. The Elephant, even on three skates, had been going so fast that he rolled behind a big pillar all covered with red and green tissue paper, with which the toy section was decorated. And the White Rocking Horse stayed just where he was when the Clown called out. Up among the toy counters and shelves came a big man carrying a lantern. He was the store watchman, and he went about in the different departments each night to see that all was well.

"What's this?" exclaimed the watchman, as he noticed the White Rocking Horse near the elevators. "This toy is out of place! He belongs over near the counter. Some clerk or customer must have left him here when the store closed last night. I'll take him back," and, picking up the White Rocking Horse, the watchman carried the toy back to where it belonged. And the Horse did not dare give even the smallest kick. He dared not show that he had been alive and in a race.

The watchman walked back toward the elevator, and saw the skate that had come off the Elephant's foot. He did not see the Elephant who was hidden behind the pillar.

"Well, I do declare!" exclaimed the watchman. "The clerks here are getting very careless! This roller skate belongs over in the sporting section. I'll take it there."

He picked it up and walked away. When he was gone, and the light of his lantern no longer gleamed, the Calico Clown slowly raised his head.