half burned timbers of the old pier. The
leather case had fallen partially into the water they saw, but quickly
they recovered it.

"In spite of what has happened to this money, and we all know the terrible
history now--I suppose we must agree that this bag and its contents are
still the property of the Longknives Club," said Mr. Beckley solemnly.
For, unopened, Phil had passed the discolored case at once to him. "At
any rate," the speaker went on, very soberly, "we will see what is in it.
I have a few things in mind regarding the club's disposition of this
matter."

Without hesitation Mr. Beckley picked up the leather case and eyed it with
a growing suspicion. It was now battered, almost shapeless. More than that
it looked, somehow, almost too small. Finding that it was locked, he cut
open one of the sides with his pocket knife.

But, instead of packages of bank notes and bags of gold and silver coin,
there was disclosed brushes, comb, and a few other toilet accessories,
together with a limited change of underwear and one bosom shirt. Of
course these were soiled by mud and water, but not unduly discolored.

The varied expressions of dismay, vexation and amazement shown by those
on the raft and in the skiff were almost comical.

Nels Anderson ventured an opinion that the bag was Grandall's, but
wondered why the man had heaved it over first instead of jumping with
it himself.

"He must have been crazed by terror," said Mr. Beckley. "But the question
now is what did he do with the larger suit-case. He certainly had it
somewhere, or that chap Murky wouldn't have been hanging round."

"Do you think both those men were burned to death?" This from Dave.

"I don't see how either could have escaped. The building was in flames
when they disappeared. It is almost night and we're all tired. I think
we perhaps had better to go back to camp, sleep quietly, and then in the
morning we can search the ruins and see what we may find."

As everyone was weary, this received general assent. They were not only
weary but discouraged. The unexpected and mysterious loss of the suit-case
containing the money was, in itself, an unlooked-for defeat, and just as
everyone felt sure that their difficulties were solved.

Scarcely had they reached the old camping ground than out of the still
smoking wilderness came a loud shout. Link Fraley, his shapeless old hat
pulled down almost over his eyes, his horses and wagon steaming wet and
coated