Peter Rabbit reached the little pond first. He had not thought of that pond when he agreed to enter the race. He stopped right on the edge of it and sat up on his hind legs. Right across he could see the big hickory tree, so near and yet so far, for he knew that he must run around the pond then back again, and it was a long, long way. In just a moment Reddy Fox ran out of the bushes and Reddy felt much as Peter Rabbit did. Way, way behind them was Billy Mink, trotting along comfortably and chuckling to himself. Peter Rabbit looked at Reddy Fox in dismay, and Reddy Fox looked at Peter Rabbit in dismay. Then they both looked at Billy Mink and remembered that Billy Mink could swim right across. Then off Peter Rabbit started as fast as he could go around the pond one way, and Reddy Fox started around the pond the other way. They were so excited that neither noticed a little splash in the pond. That was Spotty the Turtle who had let go of Reddy's tail and now was swimming across the pond, for you know that Spotty is a splendid swimmer. Only once or twice he stuck his little black nose up to get some air. The rest of the time he swam under water and no one but the Merry Little Breezes saw him. Right across he swam, and climbed up the bank right under the big hickory tree. Now there were just three nuts left under the hickory trees. Two of these Spotty took down to the edge of the pond and buried in the mud. The other he took in his mouth and started back across the pond. Just as he reached the other shore up trotted Billy Mink, but Billy Mink didn't see Spotty. He was too intent watching Reddy Fox and Peter Rabbit, who were now half way around the pond. In he jumped with a splash. My! How good that cool water did feel! He didn't have to hurry now, because he felt sure that the race was his. So he swam round and round and chased some fish and had a beautiful time in the water. By and by he looked up and saw that Peter Rabbit was almost around the pond one way and Reddy Fox was almost around the pond the other way. They both looked tired and hot and discouraged. Then Billy Mink swam slowly across and climbed out on the bank under the big hickory tree. But where were the nuts? Look as he would, he could not see a nut anywhere, yet the Merry Little Breezes had said there were three nuts lying under the hickory tree. Billy Mink ran this way and ran that way. He was still running around, poking over the leaves and looking under the twigs and pieces of bark when Peter Rabbit and Reddy Fox came up. Then they, too, began to look under the leaves and under the bark. They pawed around in the grass, they hunted in every nook and cranny, but not a nut could they find. They were tired and cross and hot and they accused Billy Mink of having hidden the nuts. Billy Mink stoutly insisted that he had not hidden the nuts, that he had not found the nuts, and when they saw how hard he was hunting they believed him.