The boys halted on the dock while Fred speedily turned over the
cushions. He did not discover his missing knife, but he did find
a large envelope lying directly beneath the cushion in the stern
of the cockpit.

"What's that?" he called as he held the paper up to view. "Have
any of you fellows lost anything?"

All three Go Ahead boys declared that the paper did not belong to
any of them. Approaching the place where Fred was standing on
board and still looking at the document Grant suggested that he
should open the envelope as it was unsealed and unaddressed.

Fred followed the suggestion and to the amazement as well as to
the consternation of his friends he drew forth a bond for five
thousand dollars. For a moment an expression of blank amazement
appeared on the faces of all on board.

"What's that?" demanded Fred at last. "Whose is it? What is it
doing on board the Black Growler?"

"It's a railway mortgage bond and given by one of the strongest
railroads in the United States," said Grant, who had been looking
carefully at the surprising discovery which his friend had made.

"Is it good for anything?" inquired John.

"Not much," laughed Grant. "Only five thousand dollars, that's
all."