e your skate strap, quick," he cried. "This chap's as slippery as
an eel. What are you doing?"

For Chet, seeing that the Codfish was struggling to get his imprisoned
hands down to a suspicious bulge over his right hip, sprang forward and
drew the hidden revolver from its holster.

"The game's up, old man," he crowed exultantly. Then, turning, he handed
the pistol to Billie. "Keep him covered, old girl," he said, "till I get
this strap loose and handcuff the gentleman. That's the girl! Steady,
Mr. Codfish--we've got you now."

The Codfish made as though to spring upon Billie, revolver and all, but
Billie kept her head. Several of the girls screamed, but she was not one
of them.

She stepped back a few steps and waved the revolver threateningly. She
was "horribly afraid of the old thing," but not for the world would she
have let any one suspect it.

"If you don't stand still I'll shoot," she said, a quaver in her voice
despite all her efforts to speak calmly. "I've got this thing aimed at
just about where your heart is, I guess."

The Codfish glared at her wildly, hesitated just a minute, but that
hesitation cost him his chance. Chet had at last got his skate strap
loose, and had bound it tightly about the man's wrists, while Teddy
still held his arms tight to prevent a sudden dash into the woods.

"Now I guess we've got you," cried Teddy jubilantly. "You will rob our
Academy, will you, and expect to get away with it? Now I guess the next
thing is to hand you over to the first policeman we meet. Come on now,
forward march."

"But did he really rob your Academy?" asked Laura eagerly, as the girls
picked up their grips where they had dropped them in the road and they
all started on together.

"I'll say he did!" said Chet indignantly. "And he got away with a pretty
haul, too. That's what we were going to tell you girls about this
morning. But say----" he broke off and looked at them with a funny
expression on his face, "we've been so busy catching the crook that we
never thought! Say, where are you going with your suitcases and
everything? And--and how did Billie get loose? The last we heard of her,
she was locked up."

"Yes, what is it--a walkout?" asked Teddy, looking in bewilderment from
Billie to the other girls. But suddenly Rose gave a sharp cry of
warning.

"The Codfish," she cried. "Look out!"

For Teddy, in his bewilderment, had loosened his grip of the thief's
arm, and the latter had taken this cha