A few scattered voices took up the cry. But for the most part the girls were silent, intent upon the small fleet of boats as it swept down the lake.

It was evident, even from that distance, that only two of the boats had a chance to win—the one on the inside of the course and that next to it. The other two trailed behind, hopelessly out of the running.

Suddenly Nan started up with a joyful shout.

"That's Jo and Sadie in the leading boat!" she cried. "Hurrah for Sade! Hurrah for Jo! They cut in. They're going to win! They're going to win! They're going to win!!!"

"Don't be so sure of that!" cried Lottie Sparks, her eyes snapping. "The race isn't won yet!"

But her last words were lost in a great shout of excitement.

The two boats were half way between the island and the boathouse now, Sadie and Jo still holding the lead.

But the second boat was creeping up, up, gradually but steadily closing the distance between them.

"Why doesn't Sade increase the stroke?" thought Jo desperately. "It would be awful to let them win after all!"

Up, up, crept the rival boat. Sadie gritted her teeth, but kept to the even, regular stroke.