"Done!" cried Jack, eagerly. "I dare say she will suit us perfectly. Some people may like boats that sail close to the wind. But a boat to suit me must be able to slide away from the wind, and not stay crawling around close to it!"

Clifford's face was a study as his partner thus aired his nautical opinions, while Johnny Peltsman greeted the remark with open-mouthed astonishment; and when Jack concluded his observations, Johnny said earnestly:

"By the way, young friend, it is understood, of course, that if you sink or wreck the Slug, you must pay damages."

"Certainly, if we lose the yacht, you shall be paid for it," Jack answered, feeling rather indignant at the suggestion.

THE BOYS ENGAGE THE "SLUG."

Being directed to the place where the Slug lay, the boys hastened away to take immediate possession. Johnny stood looking after them until they were out of sight. Then turning to enter his shop, he soliloquized:

"Well, that beats all! The idea of hiring a boat without seeing it, and not caring to have it to sail close to the wind! I suppose, of course, those chaps can swim." And with an ominous shake of the head, Johnny resumed his carriage-making.

Our heroes found their prize lying in a little cove just above the bridge. The Slug was a flat-bottomed center-board boat, fifteen feet long, five feet across the stern, and narrowing gradually to a point at the bows. A more clumsy sail-boat was never seen. But Jack only noticed the two large lockers, and with unbounded satisfaction, remarked to his cousin:

"We can stow away a big stock of provisions in those boxes, Cliff."