Taking care not to be seen by Addison, the two boys made their way to the door of the boathouse, where Spencer produced a key and hastily admitted them, closing the door cautiously when they were inside.

“Here,” whispered the Blue Cove stroke, “we’ll hide in this corner. If I am right, Addison is coming in here for something.”

They crouched in a corner and waited. Before long there was a splash of water in the slip and a blowing sound, as if a diver had just come to the surface.

With his lips close to Diamond’s ear, Spencer gently whispered:

“Just as I thought! He dived from the outside and came under the door, which is closed.”

Then the intruder was heard pulling himself out of the water, and the eyes of the crouching lads, having become accustomed to the darkness of the place, saw a form moving about.

Addison went into the clubroom, soon returning. Then he struck a match and lighted a lamp.

“There are no windows in this part,” he muttered. “The light won’t be seen.”

The light shone on his wet and dripping body. The watching boys, hushing their breathing, for fear they would be detected, watched his every movement.

“There’s the boat,” Addison grated, glaring at the handsome new shell of the visitors. “I’ll soon spoil its beauty!”