“Let’s see you beat us!” snarled Herring, forging ahead.

Young Smith put on a spurt and came on behind at a swift pace, shortly being even with Herring.

“Watch ’em, Jack!” exclaimed Dick excitedly.  “I’d give a dollar to see young Jesse W. beat those fellows, yes, five.  I hope he’ll keep it up.”

The boy did keep it up, for in a few minutes he passed Herring and Merritt, and gained a good lead on them, much to Billy’s delight.

The joker laughed and shouted, and seemed greatly to enjoy the fun, while the younger boy kept up his speed and increased the lead, Jack following till a bend in the river hid the two boys in the first boat from sight.

He would not pass Herring and Merritt, but went across the river where he could get sight of young Smith, who was going on at a good rate, Herring trying his best to reach him, but in vain.

“That’s the best yet,” laughed Percival uproariously.  “Beaten by little Jesse W. Smith, and those fellows claim to have the fastest boat on the river.  I think they will have less to say now.”

“Probably Herring will say that there was something the matter with his boat, and yet he was ready to race with us just a moment before.  He’ll get out of it somehow, you’ll see.  It’s just like him.”

Herring did not overtake the other boys, and they were ashore some little time ahead of him, Jack coming along leisurely and letting Herring land first.

“Did you see that?” asked Billy in great glee when Jack came ashore.  “We won’t hear any more boasting from that quarter I guess.”

“We didn’t have enough gasolene to go fast,” growled Herring, who came up at that moment.  “We got out without knowing it.  We’ll race you for ten dollars to-morrow.”

“Oh, we are satisfied,” chuckled Billy, while Percival looked significantly at Jack, and said: 

“What did I tell you, Jack?  A poor excuse is better than none.”

Jack said nothing, and he and Percival went off into the woods.

Within a short time of the supper hour when the boys returned they were told by Bucephalus that the doctor wished to see them, and they went at once to the cottage where they found a well-dressed stranger talking with the principal.

“This is the young gentleman who found the watch,” said Dr. Wise.  “Will you describe it to him?”

“It is a lady’s watch,” said the other slowly, and in well modulated tones.  “It was a present to my wife, and, of course, I am sorry to lose it, and will give a good reward for its return.  It was stolen from the house where I live a few weeks ago, and I have been trying to find it ever since.  I did succeed in tracing the man whom I suspected of stealing it, but when he was arrested the watch was not in his possession.  I saw an advertisement in the paper only this afternoon, which made me think that perhaps this might be the watch I am in search of.”