"That's the strip of land that's in dispute. If Uncle Richfield could build over that the dam would be done. It would only take a short time, too, as all the material is on the ground. But the dispute will have to be settled first."

"And where is Golden Peak?" asked Andy.

"That other hill which you see just beyond the two bigger ones," explained Billy. "When the dam is completed and the river backs up, Golden Peak will be under water."

"And the treasure with it," added Frank grimly.

"Yes, if there's any treasure there," assented the ranch lad, with a laugh.

"We'll have to see if there is any," suggested Andy.

"I don't know," and Billy shook his head. "It may be risky business, especially if those fellows and my uncle have a clash now. But if you fellows are game, I am."

They soon came to the river which the ranch owner proposed damming. It was not a large stream, but once held in bounds would produce a good supply of water for irrigation purposes. The two hills, between which the stream flowed, formed a sort of gateway. All that was necessary to do was to connect them with a concrete wall, and the river would be dammed. But, as Billy pointed out, there was, right in the central space, a strip of land of which the ranchman could not get control. And this land formed the right of way to Golden Peak.

Golden Peak was situated in what would be about the middle of the lake when the dam was completed and the waters backed up. And it would be entirely submerged. But until the strip in dispute could be acquired, and the dam completed, nothing more could be done. The work was at a standstill.

And, as the Racer boys already knew, it was hard to get a title to this land—that is, a title that would stand in the courts. In fact, if Mr. Thornton lost possession of the paper which Billy had brought from the East with him, the enemies of the rancher might even claim another parcel of land, and might be bold enough to tear down part of the concrete work already built.