“John!” begged Grant. “Tell us what’s the matter.”

John, however, was in no condition to say anything. He shivered and shook, and kept glancing fearfully at the entrance to the cave as though he expected some great ogre or dragon to emerge any moment.

“Watch that cave, Pop,” directed Grant. “Perhaps we’d better get out of here.”

“Can’t you talk, John?” exclaimed Fred. “Tell us what the trouble is.”

John gulped and swallowed hard a couple of times. He pointed towards the cave and his lips moved, but no sound that resembled a word came from his ashen-colored lips.

“Come on, John,” coaxed Fred. “You’re all right. Tell us about it.”

John made another great effort. “That man,” he managed to gasp.

“‘Man’!” cried Grant. “What man?”

“I saw a man,” said John and then he fainted.

“This is a mess,” exclaimed Grant in dismay. “What shall we do?”

“He saw a man,” said Fred in alarm. “Who could it be?”

“How do I know?” said Grant testily. “Are you watching that cave, Pop?”

“I certainly am. Hand me one of those rocks.”

The three boys stood on the narrow ledge of rocks in a quandary as to what course they should pursue. Below them was the steep, rocky incline of the hill and behind them was the cave containing they knew not what. At their feet lay their comrade, unconscious and helpless. It was a situation that would have worried the oldest and most hardened adventurer.

“We’ve got to get John away from here,” said Grant at last.

“We can’t do it,” objected Fred. “We can’t carry him down this hill.”

“But suppose we’re attacked,” said Grant dolefully.

“We’ll have to run that risk.”

“I’m going into the cave,” George announced suddenly.

“Pop!” cried Grant in alarm. “You stay where you are.”

“Why not go in and clear up the mystery right now?” said George. “We might just as well.”

“You’re crazy,” exclaimed Fred. “Don’t think of such a thing.”

“Nothing hurt John,” said George soberly.

“Yes,” cried Grant, “but look at him now. He was scared almost to death!”

The three boys gazed apprehensively at the entrance of the cave. They all had rocks in their hands now and were ready to let them fly the moment the man John had seen should show his head. Nothing appeared, however.

After a moment John stirred and opened his eyes. He looked about him in a puzzled way as though he did not know where he was. Then he evidently remembered his experience for he shuddered and cast a terror-stricken glance at the dark entrance of the cave.

“I saw a man,” he repeated in a low voice.

“What kind of a man? Who was it?” demanded Grant eagerly. “Keep your eye on that cave, Pop,” he added grimly.

“Tell us what happened,” urged Fred.

John was much more composed now and had better control of himself.

“I went into the cave,” he began. “I walked along and didn’t see a thing. I was beginning to think that that chest was the only thing there and I kept thinking what a strange thing it was. I had gone in to find out where that patch of light came from you know, so when I came to it I looked up.” John stopped speaking.

“What then?” demanded Grant in a tense voice.

“I saw a man,” said John, and he shivered violently.

“Yes,” urged Grant. “What kind of a man did you see?”

“An old man with white hair and a long white beard.”

“What did he do?”

“He was looking in the other end of the opening. I just took one look at him and ran.”

“Did he see you?”

“I don’t know. I didn’t wait for anything.”

“Was he alone?”

“I think so,” said John. “At least I saw only one. I suppose I am a coward to be so frightened by an old man like that, but it was so unexpected. The opening was narrow like a chimney-flue and it gave me such a start to see some one at the other end.”

“Well, I don’t blame you,” said Grant grimly. “It would have scared me too.”

John scrambled to his feet. “Let’s go back in and see if he’s still there. I’m ashamed of the way I acted and I want to make up for it.”

“That’s what I say,” exclaimed George. “Clear up this business. One old man can’t hurt us very much.”

“Unless he has a gun,” said Fred.

“That’s true,” agreed George. “I never thought of that.”

“Not much chance of his having a gun, I guess,” said Grant. “I’ll risk it anyway if the rest will.”

“Maybe it was Sam you saw,” said Fred suddenly.

“With white hair and a white beard? I guess not,” laughed George grimly.

“He might have been playing a joke on us,” suggested Fred.

“If he was, he’ll never live to tell the tale,” cried John fiercely.

“If that fellow was looking through the top of that opening, he won’t be in the cave,” said Grant suddenly. “Why don’t we look for him on top of the hill?”

“That’s true,” agreed George. “Can we get up from here?”

The four boys looked up to see what kind of a climb it would be. Suddenly, Fred burst out laughing. His companions turned and looked at him in amazement. He laughed and laughed until the tears came to his eyes.

“What’s struck you, Fred?” demanded George angrily.

“Oh, John,” gasped Fred, when he could get his breath. “You poor simpleton.”

“What are you talking about?” exclaimed John in surprise.

“Did you see an old man with white hair and a long beard?”

“Of course I did. That’s what I said, didn’t I?”

“Well, there he is,” and once more Fred became convulsed with merriment.

His three companions looked in the direction he had indicated. At the brow of the hill, alongside a large rock, and gazing curiously down at them stood an old billy goat. His white beard gave him a most odd appearance.

“Is that the old man you saw?” demanded Grant, turning toward John. One glance at his companion, however, was enough to give him his answer. A foolish expression spread itself over John’s face and he became very red and embarrassed. He mumbled something under his breath, but no one could make out what it was that he said.

“Well, String,” cried George, “you certainly put your foot in it that time. I guess you’ll never hear the end of it either. You surely won’t if I have anything to say about it. An old man with a white beard. Baa!” and George imitated a goat and he too gave vent to uncontrollable laughter.

“There was a goat at each end of the opening, wasn’t there, Pop?” inquired Grant mischievously.

“There sure was,” George agreed. “The big one was at the bottom.”

Fred, Grant, and George laughed and then laughed some more. They slapped John on the back and twitted him repeatedly about the false alarm he had given. They enjoyed themselves immensely at their friend’s expense. He, however, was very much ashamed and very unhappy.

“I admit I was the goat,” he said sadly. “I don’t know what got into me, but it was such a shock to see that funny looking face staring in at the other end of that opening. It scared the life out of me.”

“I should say it did,” chuckled George. “You scared us, too.”

“Well, I’m sorry,” John apologized. “I’ll do anything I can to make up.”

“What shall we have him do?” exclaimed Fred eagerly. “It ought to be something pretty bad.”

“Make him open that chest,” Grant suggested.

“That’s a good scheme,” said George. “Here’s a big rock for you, String. Hit it a few cracks and see if you are better at this than at exploring caves.”

John approached the chest, rock in hand. The lock had already been bent considerably by the other boys’ efforts, but it still held fast. John attacked it fiercely and after breaking several stones succeeded in demolishing the lock.

“Yea, String!” cried George, excitedly. “You’re a wonder. Open it up! Quick!”

The padlock was removed and all four boys crowded around and eagerly grasped the top. It was not so easy to open, however, but finally it was done. Every boy’s eyes glistened expectantly as the top was raised. The least they expected to see was a great pile of gold, but no such sight presented itself.

“It’s empty,” cried Grant. His voice sounded as if he had lost his last friend on earth.

“There’s a piece of paper in there,” corrected Fred. “Let’s see if that says anything.”

Keen disappointment showed on the face of every boy. Their hopes had been dashed. There was no special reason why they should have expected to find such a treasure-chest as they had pictured this one to be, but this idea had fixed itself in their minds and they really counted on all being made rich the moment they opened it up.

“What does the paper say, Fred?” inquired Grant listlessly. Most of his interest had faded.

“I don’t know,” said Fred carelessly. “It’s nothing but a bunch of mixed up numbers. Say,” he exclaimed suddenly. “Let me see that code in your pocket.”

“What do you want that for?” inquired Grant curiously, at the same time producing the article in question and handing it over to Fred.

Fred grasped it and quickly spread it open. Holding the one he had found in the chest alongside the other he ran his eye hurriedly over the two. Then he turned to his three companions, who were watching him curiously.

“Do you know that these two papers are exactly alike?” he demanded excitedly.