d the boys, and for half a minute
they watched him in silence.

"Serves the rascal right," muttered Hamp. "He must have struck there
hours ago. He couldn't get the boat loose, and now he's going to wade."

"I don't envy him," whispered Jerry. "He'll nearly freeze to death."

"I wish I had my watch and money," replied Brick; "but I don't see any
way to get them."

Just then Sparwick stepped from the boat onto the submerged trunk of the
tree. He shivered like a leaf, but without hesitation he lowered himself
into the icy water. It came almost to his neck. Holding his clothes
high overhead, he waded slowly toward the opposite shore.

"Stop, you thief!" shouted Brick, with all his might.

Sparwick nearly lost his balance. He recovered himself, and turned his
head. His eyes snapped with fear and danger when he saw the boys. Jerry
lifted his rifle, and leveled it across the stream.

"We want that stolen property," he yelled. "I've got the drop on you.
Wade over to this shore as quick as you can."

Sparwick stood still. He tried to speak, but his teeth chattered too
much. Then he did a bold and venturesome thing. He flung his clothes
safely beyond the heavy fringe of bushes that skirted the opposite bank
of the stream. The next instant he vanished before the eyes of the
amazed boys. He had dived clear under water.

"Watch for him!" yelled Jerry.

"Pepper him when he comes up," cried Brick, excitedly.

For half a minute there was silence. The boys eagerly scanned the
opposite shore. Then, thirty feet diagonally down stream, something
white slipped out of the water, and dodged like a flash into the bushes.

"What beastly luck!" cried Jerry. "I never dreamed of his coming up away
down there. He's out of reach now."

"And we can't get across," moaned Brick. "Good-by to the watch. I wish I
had fired when I had the chance."

"Hold on!" suddenly cried Hamp. "We've got a show yet."

He ran swiftly down stream to a point some twenty feet below, and
opposite to the place where Sparwick had left the water.

Jerry and Brick followed at a slower pace, wondering what was in the
wind. They understood as soon as they caught up with Hamp. Here the
Mallowgash abruptly widened. It was frozen hard from shore to shore with
the exception of a six-foot channel in midstream. Through this the water
poured with a swift, steady rush.

"Don't be a fool," expostulated Jerry. "You'll throw your life away."

"The watch ain't worth the r