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Chub eyed Roy doubtfully and Roy eyed Dick.

“That sounds like an awful little bit,” said Roy at last.

“I don’t think so,” replied their host. “I doubt if the Jolly Roger’s worth much more, fellows. I’m satisfied and I don’t see why you shouldn’t be. You won’t let me do you a favor, although I thought we were pretty good friends last summer, but, on the other hand, I don’t think you ought to insist on my driving a hard bargain with you. Fifty dollars is my valuation, and there you are; I refuse to go up another cent!”

“In that case,” laughed Roy, “I guess we’d better accept your terms, sir. And we’re very much obliged.”

“That’s all right then. I’ll give you a note to Higgins; the boat’s in his yard up there; and you can take her over as soon as you like and keep her as long as you wish. That’s settled. Now tell me what you’ve been doing the three of you. How do you like your college?”

The boys stayed for another hour and talked and were shown over the studio and were invited to luncheon. But although Chub frowned and nodded his head emphatically Roy politely declined. They finally left with the lease of the house-boat Jolly Roger in Roy’s pocket, promising to call again after they had looked over the craft. Then they shook hands, entered the elevator car and were dropped to the street floor.