“Fine day,” he smiled, as he turned away.

“You bet,” Johnny agreed, as he pocketed the money.

Out on the shore of the lake he found Pant.

The latter stared at him for a moment in silence. He was looking at the three red lines drawn on Johnny’s face by the bear.

“Say,” he whispered at last, “give me those bonds!”

“I, I,” Johnny stared, “I haven’t got them!”

“Haven’t got them? Where are they?”

“Sold ’em as you said to do.”

“Sold them? When?”

“Half an hour ago.”