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set up a shout.

      “There he is, under the edge of that sail,” and he pointed to where the broad mainsail of the Ajax rose and fell on the waves. True enough, Will Carey was there, one arm and one leg caught fast in the sheeting and some ropes. He had been struggling, but now he fell back and went under, out of sight.

      “We have got to save him!” cried Jack. “Here, Pepper, take the tiller.”

      “What are you going to do?”

      “Go overboard after him.”

      As he spoke the youthful owner of the Alice pulled off his cadet coat and cap. The next instant he was at the side of the sloop. He poised himself for a dive, and then cut the water like a knife and disappeared from view.

      CHAPTER III

      ABOUT A GYMNASTIC CONTEST

      Major Jack Ruddy was a good swimmer, and felt perfectly at home in the water. He did not go down deep, but he made a long “fetch,” and when he came up he was close beside Will Carey. He caught that youth by the arm and dragged him clear of the sail.

      “Sa – save m – me!” sputtered the Pornell Academy youth, after blowing some water from his mouth.

      “I will,” answered Jack. “But keep quiet.”

      “M – my foot is – is fast!”

      “So I see.”

      A piece of rope had become entwined around Will Carey’s ankle. It was caught in a loop and it was no easy thing to loosen it. The Pornell Academy lad thrashed around wildly and tried to get Jack by the throat.

      “Don’t do that!” cried the young major. “Hold on easy-like.” But like many others in danger of drowning Will Carey now grew frantic, and scarcely realizing his actions he caught Jack by the neck and clung so fast that the young major was in danger of being choked to death.

      The wind had now veered around, sending the Alice some distance away from the Ajax, so that Pepper and the others could offer no assistance. Such being the case, and realizing the seriousness of his position, Jack did what appeared to be cruel, but was fully justified. As well as he could he hauled back with his fist and struck the other boy in the chin. It was a stiff, hard blow and it dazed Will Carey and rendered him all but insensible. At once his hold on Jack relaxed, and he lay like a log in the young major’s arm.

      With his free hand Jack worked with all possible haste on the rope which held the other boy a prisoner and soon managed to loosen the loop and slip Will’s foot through it. Then, with the Pornell Academy lad on his shoulder, he swam away from the capsized sloop.

      “Jack! Jack!” came the call above the wind, and turning slightly he saw the Alice coming toward him. A line with one of the life-preservers attached was flung to him and he grasped it. Then he was hauled up to the stern of the sloop and finally dragged on board, with Will still in his grasp. The sufferer was just opening his eyes again.

      “Don – don’t hi – hit me ag – again!” he gasped. “Please do – don’t!”

      “You’re all right now,” answered Jack. He was so exhausted he could scarcely speak.

      “Oh!” gasped Will Carey, and that was all he said for several minutes. Jack placed him on a seat and sank down beside him. All of the other lads but Pepper, who was at the tiller, surrounded the pair.

      “It was a brave thing to do, Jack,” was Dale’s comment.

      “What did you hit him for?” demanded Bat Sedley, who had seen the blow from a distance. “It was a mean thing to do when he was struggling for his life.”

      “I had to do it – he had me by the throat. If I had not done it both of us might have been drowned.”

      “Humph! I never heard of hitting a drowning person,” sneered Bat.

      “I have heard of such a thing,” put in Fred Century. “I think you deserve a good deal of credit for what you did,” he added, with a warm look at the young major.

      “I reckon he could have saved Will without trying to break his jaw,” grumbled Bat Sedley, and then turned his attention to the youth Jack had rescued. Clearly he was not one to give his rival any credit.

      By this time the squall – for it was little else – was going down. The whitecaps still ruffled the bosom of Cayuga Lake, but the wind had dwindled to a gentle breeze, just enough to fill the sails of the Alice and no more.

      “Are you all right, Jack?” questioned Paul.

      “Yes,” was the reply. “I’d feel a little better with a dry uniform on, but that can’t be helped.”

      “I think I’d feel better myself with dry clothing,” came from Fred Century, with a weak smile. He gazed anxiously at his capsized craft. “I must say, I don’t know what to do with my boat.”

      “You certainly can’t right her out here,” said Pepper.

      “I know that.”

      “All we can do is to tow her in as she is,” continued Jack. “We’ll do that willingly; eh, fellows?”

      “Sure,” came the prompt answer.

      “If you’ll do that I’ll be much obliged. Our race didn’t turn out just as I anticipated,” went on Fred.

      “You kept your sails up too long,” said Pepper.

      “I know that – now. But I thought the Ajax would stand the blow until I reached the Cove. How are you, Will?” he continued, turning to the boy who had come so close to drowning.

      Will Carey had little to say. He mumbled in a low tone and looked rather darkly at Jack.

      “He is angry because you hit him,” whispered Paul to Jack.

      “I can’t help it if he is, Stuffer,” was the answer. “I simply had to do something or go down with him.”

      “I know it, and he ought to be thankful he was saved. But some fellows don’t know what gratitude is.”

      Not without considerable difficulty a line was made fast to the bow of the capsized sloop and the task of towing the Ajax was begun.

      “If we had time I think we could right that craft,” observed Pepper.

      “How?” demanded Bat Sedley.

      “By taking her over to yonder point, where the tall trees overhang the water. We could run a rope up over a tall tree limb and then fasten it to the mast of the Ajax. By pulling on the end of the rope I think we’d bring her up.”

      “Yes – and sink her, too.”

      “Not if we watched out and kept bailing as she righted.”

      “I’d like to try that,” said Fred Century. “If you’ll take us over to the point and lend us some ropes I’ll do it,” he added, after turning the project over in his mind.

      “Certainly I’ll take you over,” answered Jack. “And we’ll help all we can. But we’ve got to get back to Putnam Hall by six o’clock, you know.”

      “Say!” ejaculated Will Carey, leaping to his feet with great suddenness. “Did anybody see my box?”

      “Box? What box?” asked several.

      “The little blue, tin box I was carrying in my coat-pocket.”

      “I am sure I haven’t seen any blue box,” answered Pepper, and looked around the standing-room of the Alice.

      “What did you have in it, Will?” asked Fred Century.

      “Why – I – er – oh, not much, but I didn’t want to lose the box, that’s all,” stammered the youth who had come close to drowning.

      “Did you have it in your pocket when you went overboard?” questioned the young major.

      “Yes, and I had my hand on it, too,” was the reply. “I suppose

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