t short my visit at
once."

Bowman did not understand the hidden meaning of this speech, and
naturally interpreted it in a sense complimentary to himself.

"Sinclair isn't much company," he said. "He is down in the dumps on
account of his rheumatism. I suppose he thinks I ought to stay in the
cottage with him, but I couldn't stand it."

"I suppose you are in business together," observed Fred, innocently.

"Did he say so?"

"Not exactly, but I inferred from what he did say that you had some
business connection."

"Yes," answered Bowman, hesitatingly. "We have a joint investment. I
don't think, however, that we shall remain connected long. He doesn't
suit me. He is too slow and cautious."

Fred did not think it necessary to comment on this statement.

They went down to the lake, and were soon rowing to the middle of it.
Here they tried fishing, but did not meet with much success. They gave
it up and rowed across to the opposite side.

"Will you take charge of the boat for half an hour?" asked Bowman,
turning to Fred. "I am going on shore."

"Certainly, if you wish it."

"I have a fancy for exploring these woods. I would invite you to go
with me, but the boat might be taken, and that would subject us to some
inconvenience."

"I would just as soon stay here," said Fred carelessly.

"Then it's all right."

Fred watched Bowman as he made his way in among the trees, and it
struck him at once that ha had secreted the bonds somewhere in the
neighborhood and was about to visit the hiding-place.

"If I could only leave the boat and follow him," he said to himself
eagerly. But he decided at once that this would never do. It would
inevitably excite Bowman's suspicion, and then his chance of success
would be wholly gone. He must be cautious at all hazards.

He did not return to the middle of the lake, but rowed lazily along the
shore, from time to time directing a glance toward the woods.

"To-morrow I will make an excuse for not going with Bowman, and will
come out here and do a little exploring myself," he resolved.

At one point his attention was drawn to a boy who was sitting under a
tree near the edge of the water.

"May I get into your boat?" he asked.

"For a short time. A gentleman is with me who has gone on shore for a
little while."

"I know. I've seen him here often."

"Have you?" asked Fred with interest. "So he comes here a good deal,
does he?"

"Yes, he comes here mostly alone, and goes in