"Well, since I'm here I'll have a look up that tree," decided Ned.

Favoring his bruised hand, Ned essayed the ascent of the tree more successfully this time. As he rose up among the branches he found he could look down directly into the yard with the high fence about it. He Could see only a portion, good as his vantage point was, and that portion had in it a few workmen—nothing else.

"No elephants there," said Ned, with a smile, as he remembered Harry's excitement. "Still it's just as well for Tom to know that his place can be looked down on. I'll go and tell him."

As Ned descended the tree he caught a glimpse, off to one side among some bushes, of something moving.

"I wonder if that's my Simp friend, playing I spy?" mused Ned. "Guess I'd better have a look."

He worked his way carefully close to the spot where he had seen the movement. Proceeding then with more caution, watching each step and parting the bushes with a careful hand, Ned beheld what he expected.

There was the late occupant of the pine tree the man who had stepped on Ned's fingers, applying a small telescope to his eye and gazing in the direction of Tom Swift's home.

The man stood concealed in a screen of bushes with his back toward Ned, and seemed oblivious to his surroundings. He moved the glass to and fro, and seemed eagerly intent on discovering something.

"Though what he can see of Tom's place from there isn't much," mused Ned. "I've tried it myself, and I know; you have to be on an elevation to look down. Still it shows he's after something, all right. Guess I'll throw a little scare into him."

As yet, Ned believed himself unobserved, and that his presence was not suspected was proved a moment later when he shouted: