slowly until twenty-six dollars had been named. At this price
the pony was sold.

From that time on the ponies were "knocked down" rather briskly,
though the highest-priced one of the first seven brought only
thirty-one dollars.

Now came the eighth.

"You see what this animal is for yourselves, gentlemen," declared
the auctioneer. "We don't need to have this sleek little animal's
paces shown. We are in a hurry to get through. Who opens with
twenty dollars?"

"He is a handsome little animal, isn't he?" exclaimed Dick Prescott,
crowding forward and gazing at the pony with glistening eyes.

"I wish I had the money to buy him," whispered Dave Darrin.

"Maybe I couldn't use that kind of a cut-down horse!" glowed Tom
Reade, while Harry and Dan looked on longingly.

"That's what the muckers are here after!" thought Fred Ripley,
who had been watching them closely. "Now, no matter how much
money they may think they have, I'll show them how easy it is
for a fellow of my financial standing to step in and get the chestnut
pony away from them!"

"Who starts the bidding with twenty dollars?" demanded the auctioneer.