With a cheer, Joe and Will gripped Jud's shoulders and pulled him over the side of the raft, where he lay panting in the sunlight, while the treasure was passed from hand to hand.

It was nearly a foot long, and so heavy that it must have handicapped the old man considerably in his dash for the surface.

"Pretty good for a start," puffed Jud happily, as he too examined the gleaming bird. "Unless I miss my guess," he went on earnestly, "the great emerald that old Jim has got his heart set on is down there, too. The bottom is pretty well silted over, but I scrabbled through the mud with my hands, an' when I struck this I figured out that I had just enough breath left to reach the top; but just as I was leavin', my fingers touched somethin' oval an' big as a hen's egg. It was pretty deep in the mud, and I didn't dare wait another second, but I'm sure I can bring it up next time."

For half an hour Jud rested while Professor Ditson told them treasure-stories which he had heard in his wanderings among the Indian tribes or remembered from his studies of Spanish archives. He told them the story of the galleon Santa Maria, which was sunk off the Fortune Islands, loaded down with a great altar of solid gold incrusted with precious stones; and of the buccaneer Sir Henry Morgan, who sacked Panama and burned and sank in the harbor what he thought were empty vessels, but which held millions of dollars in gold and jewels in double bulkheads and false bottoms, and which lie to this day in the mud of Panama harbor. Then, there was the story of the two great treasure-chests which Drake of Devon captured from the great galleon Cacafuego. As they were being transshipped into Drake's vessel, the Golden Hind, both of the chests broke loose and sank off Caño Island on the coast of Costa Rica. Still at the bottom of that tiny harbor, thousands of pounds of gold bars and nuggets and a treasure of pearls and emeralds and diamonds lie waiting for some diver to recover them. Then Professor Ditson launched into the story of Pizarro's pilot, who, when the temple of Pachacainac, twenty miles from Lima, was looted, asked as his share of the spoils only the nails that fastened the silver plates which lined the walls of the temple. Pizarro granted him what he thought was a trifling request, and the pilot received for his share over two thousand pounds of solid silver.

"That's enough," said Jud, starting to his feet. "Here goes for the biggest treasure of all."

Down and down through the dim water he dived straight and true. Hardly had he disappeared from sight before great air-bubbles came up and broke on the surface, and a few seconds later wavering up from the depths came what seemed to be his lifeless body with staring, horrified eyes and open mouth.

As his white face showed above the surface, Will and Joe leaped in together, and in an instant had him out and on the raft again. In another minute the two boys were making good use of their knowledge of first aid, which they had learned as Boy Scouts. Working as they had never worked for merit badges, they laid Jud on the raft face down, with his arms above his head and his face turned a little to one side. Then, while Joe pulled his tongue out, Will, kneeling astride his body, pressed his open hands into the spaces on either side of his ribs. Then, alternately pressing and relaxing his weight as the water ran out of Jud's mouth and nose, Will began the artificial breathing at the rate of fifteen times a minute, while Joe rubbed with all his might the old trapper's legs and body toward the heart. At the end of a couple of minutes of this strenuous treatment Jud gave a gasp and at last opened his eyes. Half an hour later he was able to tell what had happened.

"I didn't get more than half-way down," he said weakly, "when a great greenish-yellow eel, five feet long an' big as my arm, came gliding toward me. I tried to pass it but in a second I felt its cold, clammy body pressin' against mine. Then came a flash, an' somethin' broke in my head, an' the next thing I knew I was up here with you chaps workin' over me."

Professor Ditson brought his hands together with a loud clap.

"That is what Dawson meant by saying the lake was guarded," he said. "What attacked Jud here was a gymnotus."