"Why, Amy!" said Mrs. Merriman, "how can you laugh?"

"It's so funny!" replied the tall brunette; "and I'm so glad he is rescued," she added, discreetly. "We all were so anxious, thinking the Susette had gone on the rocks; and it was only our Olly after all."

"What has happened to you, Olly?" cried Mrs. Murcher, amazed to the end of her doughy fingers.

"I just went out to take a little row, last evening," murmured the forlorn Olly. "I lost one oar; it got tangled in the kelp, and a wave wrenched it out of my hand. Then I broke another, and the wind blew me off shore."

"And you've been all night on the 'Old Cow'?" said the good landlady.

"Worse than that," said Olly. "I was on the 'Calf.' And a part of the time in the water. I guess if anybody had been there on the 'Calf's' back in my place—alone—such a night!—waiting for the tide to rise and cover 'em—I guess they wouldn't have thought it much of a joke!" And Olly's voice broke.

"It must have been terrible, Olly! Do forgive my laughing!" said Amy, relenting. "How did you get to the 'Old Cow'?"

Olly faltered forth more of his wretched story, which was listened to with many an expression of surprise and sympathy, for he was rather a favorite with Mrs. Murcher and her lady boarders.

He had wished to go directly home to Frog-End, and had tried to induce the boys to carry him over in the ox-cart. But they were in haste to resume their work, which had been too long interrupted already; and they could not see why he should object to returning to the boarding-house.

After all, he thought to himself, the dreaded inquiry regarding the watch might as well be met first as last.