"I don't," protested Fred. "The bond was registered in my name at the bank and so I had to go with my grandfather to see about it."

"Did that canal-man steal the bond?" asked John.

"I can't tell you," replied Fred.

"Do you mean you can't, or you won't tell?"

"A little of both," laughed Fred, eager to change the subject.

Throughout these conversations Sam Hodge seldom spoke. Indeed, as the time drew nearer the day of the race, his anxiety manifestly increased. He was busy on or about the boat throughout the day and even when night fell it was difficult to persuade him to retire to his room in the boat-house.

Once when Fred looked out of his bedroom window, in the moonlight night about twelve o'clock, he discovered Sam pacing back and forth on the dock. Just why he was so uneasy Fred did not understand and Sam did not offer any explanation.

On the following night not long after the boys had retired, they were awakened by a loud call from Sam Hodge.

"Hi! Hi there!" he shouted. "Come out here."

Hastily donning their clothing the boys ran out of the house and quickly joined Sam, who had leaped into a skiff that had been fastened to the dock and was now rowing swiftly toward the head of the island.