Precisely how to set about it he did not know. He had never had any experience in detective work, and had only his native shrewdness to depend upon.

It occurred to him, however, that Bowman would be likely from time to time to visit the place where he had secreted the bonds in order to make sure that they were safe. This he was hardly likely to do when in Fred's company, but only when alone. When, therefore, he should see Bowman starting off on a solitary expedition he decided if possible to follow him.

"Do you feel like going out on the river this morning?" asked Bowman, as they rose from breakfast.

"I don't mind. It will help to fill up the time."

For many years such an open winter had not been known. The unusual warmth had left the lake as free from ice as in the early fall. But for a slight covering of snow there would have been nothing to indicate that it was winter.

"Your vacation is likely to be a slow one here," suggested Bowman.

"Yes; St. Victor isn't a very lively place."

"I wonder you are willing to stay here," said Bowman, with momentary suspicion.

"I have so much excitement in New York and in my daily rides on the Erie road, that I don't mind the dulness as much as many would. Still if you and Mr. Sinclair were not here, I should cut 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 sh.o.r.e."

"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 sh.o.r.e, 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 sh.o.r.e 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 into the woods. Once me and another boy got into the boat and rowed while he was gone."

"I suppose he enjoys walking in the woods."

"It ain't that," said the boy significantly.

"What is it, then?" asked Fred, trying to repress his excitement.

"I think he's got business in the woods."

"What business can he have there?"

"I think he's got something hidden there."

"What makes you think so?"

"You won't tell him what I say, will you?"

"I saw him when he first came here. He had a bundle done up in paper.

He left the boat and went into the woods, and when he came back he didn't have the paper."

"He may have had it in his pocket."

"No, he didn't. It was a big package, and if it had been in his pocket it would have made it bulge out."

"I see you are quite an observing boy. I dare say you are right. What do you think there was in the package?"

"I guess it was money. If I had a lot of money I wouldn't hide it in the woods."

"Nor I," answered Fred, laughing.

"I'd buy a trunk and keep it inside."

"Somebody might open the trunk."

"Any way it would be safer than hiding it in the woods."