ry day and he'll be as mild as any of 'em. He's too
full-blooded to remain standing in the stable."

"I'll see to it that he gets the exercise," answered Captain Putnam.

On the day that the horse was returned Jack, Pepper and Fred walked down
to the boathouse, to look over the boats. As my old readers know, Jack
owned a sloop called the _Alice_, while Fred possessed a similar craft
named the _Ajax_. Besides these sloops, there were numerous boats
belonging to the Hall.

"Well, our sloops look natural," said the young major.

"I was wishing this summer I could go out in the _Ajax_," answered Fred.
"What do you say if we take a little sail now?"

"In which boat, Fred?" asked Pepper. "We can't go out in both."

"Make it the _Alice_!" cried Jack.

"No, the _Ajax_!" came from Fred.

"I'll toss up for it," went on Pepper and produced a cent. "Head you
win, tail you lose." And up into the air spun the coin.

"Head!" cried Fred.

"Head it is, and we go out in the _Ajax_."

"All right, but you'll have to go out in the _Alice_ next time," cried
the young major.

"By the way, did you hear about Tom Rollinson?" asked Pepper, as he
walked into the boathouse to inspect his locker there.

"What of him?" asked Fred.

"The family were burnt out this summer and lost everything."

"Lost everything?" queried Jack. "That's tough luck. I shouldn't want to
lose all I had."

"Well, it will happen sometimes," said Fred.

"Well, some lose by fire and some lose in other ways," went on the young
major. "You have heard about Ritter. His father----"

"You shut your mouth about my father!" roared a voice from behind a
dressing-room door. "My father is just as honest as anybody, and I won't
have you or anybody else running him down!" And then Reff Ritter
appeared, minus his coat, vest and collar, and his face distorted with
rage.

"I didn't say your father was dishonest, Reff," returned Jack, as calmly
as he could. "I was simply going to state----"

"Oh, you needn't try to smooth it over, Jack Ruddy," fumed the bully.
"Don't imagine that I don't know all about the mean stories you and
others are circulating about my family. You'd like to make out that my
father is the worst swindler that ever lived, and I won't stand for it."

"Reff, that isn't true," interrupted Pepper. "Jack hasn't said a word
against your father."

"Oh, you can't bluff me, Pep Ditmore. I know better."

"What Pepper says is true--I haven't said a word,