Jeremy's face was pale as he leaned close.

"Pharaoh Daggs!" He said the name beneath his breath, almost as if he feared that the man with the broken nose might hear him. And now for the first time he told Bob of the schooner that had slipped past in the dark that night in the East River.

"You're right, Jeremy," Bob agreed. "He'd lose no time getting up here if he could find a craft to carry him. You don't suppose they've found Brig's treasure yet, do you?" he added in dismay.

"They can't have reached here more than a day before us," Jeremy replied. "And if they haven't it already aboard, they won't be able to do anything while this fog holds. If it should lift tomorrow, we'll have a chance to scout around up there. But don't say a word to father."

That night the boys slept little, for both were in a fever of expectation. They were disappointed in the morning to see the solid wall of fog still surrounding the cabin. But Jeremy, sniffing the air like the true woodsman that he was, announced that there would be a change of weather before night, and set about rubbing the barrel of the flintlock till it gleamed. The day dragged slowly by. At last, about three in the afternoon, a slight wind from the northeast sprang up, and the wreaths of vapor began to drift away seaward.

Luckily for the boys' plans, both Tom and his father were inside the sheep-stockade when Bob took the pistols, powder and shot down from the wall, and with Jeremy went quietly forth.

Before the mist had wholly cleared, they were well into the woods, climbing toward the summit of the ridge. Each kept a careful watch about, for they feared the possibility that a guard might have been set to observe movements at the cabin.

They reached the top without incident, however, and turned westward along the watershed. They were increasingly careful now, for if the pirates were dependent on the spring for their water, some of them might pass close by at any moment. Bob, who was almost as expert a hunter as Jeremy, followed noiselessly in the track of the New England boy, moving like a shadow from tree to tree.

So they progressed for fifteen minutes or more. Then Jeremy paused and beckoned to Bob, whispering that they should separate a short distance so as to cover a wider territory in their search. They went on, Bob on the north slope, Jeremy on the south, moving cautiously and examining every rock and tree for some blaze that might indicate the whereabouts of the treasure.

More minutes passed. The sun was already low, and Jeremy began to think about turning toward home. Just then he came to the brink of a narrow chasm in the ledge. Hardly more than a cleft it was, three or four feet wide at its widest part, and extending deep down between the walls of rock. He was about to jump over and proceed when his eye caught a momentary gleam in the obscurity at the bottom of the crevice. He peered downward for a second, then stood erect, waving to Bob with both arms.