because it was so gradual they did not observe it. They,
likely, came to Annapolis only occasionally, and Greenberry Point
seemed unchanged--always the same narrow stretch of sand, with large
trees to landward."

Macloud nodded. "I reckon that's reasonable."

"Next let us measure back eighty-five feet," said Croyden, producing a
tape-line.... "There! this is where the beech tree should stand. But
where were the other trees, and where did the two lines drawn from them
intersect?"...

"Yes, now you have it!" said Macloud--"where were the trees, and where
did the lines intersect? I reckon you're stumped."

"Let us try some more assuming. You had a compass yesterday, still got
it?"

Macloud drew it out and tossed it over.

"I took the trouble to make a number of diagrams last night, and they
disclosed a peculiar thing. With the location of the first tree fixed,
it matters little where the others were, in determining the direction
of the treasure. It is practically the same. The _objective point_ will
change as you change the position of the trees, but the _direction_
will vary scarcely at all. It is self-evident, of course, to those who
understand such things, but it was a valuable find for me. Now, if we
are correct in our assumption, thus far, the treasure is buried----"

He opened the compass, and having brought North under the needle, ran
his eye North-by-North-east. A queer look passed over his face, then he
glanced at Macloud and smiled.

"The treasure is buried," he repeated--"the treasure is buried--_out in
the Bay_."

Macloud laughed!

"Looks as if wading would be a bit difficult," he said dryly.

Croyden produced the tape-line again, and they measured to the low
bluff at the water's edge.

"Two hundred and eighty-two feet to here," he said, "and Parmenter
buried the treasure at three hundred and thirty feet--therefore, it's
forty-eight feet out in the Bay."

"Then your supposition is that, since Parmenter's time, the Bay has not
only encroached on the Point, but also has eaten in on the sides."

"It would seem so."

"It's hard to dig in water," Macloud remarked. "It's apt to fill in the
hole, you know."

"Don't be sarcastic," Croyden retorted. "I'm not responsible for the
Bay, nor the Point, nor Parmenter, nor anything else connected with the
fool quest, please remember."

"Except the present measurements and the theory on which they're
based," Macloud replied. "And as the former seem to be