They examined the find again. "I can tell you one thing," said Phyllis,
"if it had been in that sand a _long_ time, I think it would look rather
different. To begin with, the burlap bag is in very good condition, whole
and strong. It wouldn't take _very_ long in there for it to become ragged
and go to pieces. And besides that, the box would look different. You
know that metal like this gets badly corroded and tarnished in a very
little while when it's exposed even to this salt air, not to speak of the
water too. I know, because we have some copper trays at the bungalow and
they're always a _sight_! I have to keep polishing and polishing them to
make them look nice. Now this box is very little tarnished since we
rubbed it up. It makes me sure it hasn't been buried long."

"Well, has there been a wreck, then, very lately?" demanded Leslie.

"Not since last July--and that was only a fishing schooner. No chance in
the world that such as _this_ would be aboard of her!"

"Then, as far as I can see, this box must have been buried
here--deliberately--and very recently, too!" declared Leslie, solemnly.
"Can you think of any other explanation?"

"Leslie, could it have been done last night?" demanded Phyllis, in an
awed whisper.

"Oh--I never thought of that. Perhaps it was. Perhaps that was the
meaning of the light and all. Phyllis, there's some queer mystery here! I
wonder if we ought to tell folks about it?"

"Oh _don't!_" implored Phyllis. "Not for a while, at least. It would be
so wonderful to have this as a secret of our own and see what we can make
of it. Just suppose we could work it out for ourselves!"

"Well--it _would_ be a lark, and I only hope it's all right. But I'm
going to ask you one favor, Phyllis. Please take the little box and keep
it at your house, for I don't want Aunt Marcia to be worried about the
matter, and she might come across it if I kept it here. And I must be
going in now, or she'll be worried." And she thrust the box into
Phyllis's hand.

"Indeed, I'll keep it gladly and hide it safely, too. This is one secret
I won't have Ted meddling in!" declared Phyllis. "Let's call the box 'The
Dragon's Secret.' He seems to be guarding very successfully! I'll come
back this afternoon and call, and we can talk this over some more.
Good-by!"

And she turned away toward the direction of her own bungalow, with "The
Dragon's Secret" carefully concealed beneath her rainproof coat.