in the
bottom. The sun got in its work on the bark and oil, and blistered
the body of the canoe so that it broke or wore away in spots.
Oh, dear!"

The sale was over, but a few odds and ends remained. Fred Ripley,
having now paid the whole of his forty-one dollars through Mr.
Dodge, ordered his handsome new purchase led out.

A man came out, holding the pony's halter. He walked slowly,
the pony moving contentedly after him.

"A fine little animal!" glowed Fred, stroking the glossy coat.

"He---er---looks rather old, doesn't he?" ventured Mr. Dodge.

"Not so very old," Fred answered airily. "There is a lot of life
and vim left in this little fellow. And he can show speed, too,
or I'm all wrong."

Then Fred's eye roved toward the pile of stuff on which no one
had bid.

"There's a good saddle," suggested Ripley. "The real western
kind," nodded the auctioneer.

It looked the part.

"I'll give you two dollars for the saddle," Fred offered.

"You'll pay ten if you get that saddle," replied the red-faced
auctioneer.

"Put it up and let us see how the bids will run," proposed Ripley.

"The sale is closed. Anything that is sold now will go at private
sale," retorted the auctioneer.

"Oh, come now!" protested Ripley. "I'd like to trade with you."

"You can, if you produce the price. At least, your friend can.
I can't deal with you, for you're a minor."

Fred tried vainly to persuade the auctioneer to lower the price
of the saddle, but finally concluded to pay ten dollars for it
and two dollars for a bridle. A worn saddle cloth was "thrown
in" for good measure. Ripley handed the money to the auctioneer's
clerk.

"Saddle up," directed Fred, tossing a quarter to the man who held
the pony's bridle.

Though flushed with his bargain, Fred was also feeling rather
solemn. He had parted with nearly all of the sixty dollars his
father had handed him that morning as his summer's spending money.
He was beginning to wonder if his pony would really take the
place of all the fun he had planned for his summer vacation.

"Here is your mount, sir," called the man who had done the saddling.
"Now, let's see what kind of a horseman you are."

"As good as you'll find around Gridley," declared Fred complacently.

Putting a foot into the left stirrup, he vaulted lightly to the
animal's back.

"He has a treasure, and we're stung," muttered Dave Darrin in
a low voice. "Those that have plenty of money and can affo