without the letter. Don't be discouraged, old man--we'll win
out, yet."

"I'm not discouraged!" laughed Croyden. "I have never anticipated
success. It was sport--an adventure and a problem to work out, nothing
more. Now, if we have some one else to combat, so much greater the
adventure, and more intricate the problem."

"Shall we notify the police?" Macloud asked. "Or isn't it well to get
them into it?"

"I'll confess I don't know. If we could jug the thieves quickly, and
recover the plunder, it might be well. On the other hand, they might
disclose the letter to the police or to some pal, or try even to treat
with us, on the threat of publicity. On the whole, I'm inclined to
secrecy--and, if the thieves show up on the Point, to have it out with
them. There are only two, so we shall not be overmatched. Moreover, we
can be sure they will keep it strictly to themselves, if we don't force
their hands by trying to arrest them."

Macloud considered a moment. "I incline to your opinion. We will simply
advertise for the wallets to-morrow, as a bluff--and go to work in
earnest to find the treasure."

They had entered the hotel again; in the Exchange, the rocking chair
brigade and the knocker's club were gathered.

"The usual thing!" Croyden remarked. "Why can't a hotel ever be free of
them?"

"Because it's a hotel!" laughed Macloud. "Let's go in to dinner--I'm
hungry."

The tall head-waiter received them like a host himself, and conducted
them down the room to a small table. A moment later, the Weston party
came in, with Montecute Mattison in tow, and were shown to one nearby,
with Harvey's most impressive manner.

An Admiral is some pumpkins in Annapolis, when he is on the _active_
list.

Mrs. Weston and the young ladies looked over and nodded; Croyden and
Macloud arose and bowed. They saw Miss Cavendish lean toward the
Admiral and say a word. He glanced across.

"We would be glad to have you join us," said he, with a man's fine
indifference to the fact that their table was, already, scarcely large
enough for five.

"I am afraid we should crowd you, sir. Thank you!--we'll join you
later, if we may," replied Macloud.

A little time after, they heard Mattison's irritating voice, pitched
loud enough to reach them:

"I wonder what Croyden's doing here with Macloud?" he remarked. "I
thought you said, Elaine, that he had skipped for foreign parts, after
the Royster smash, last September."

"I did say, Mr. Matti