“Come on!” Scott called as he spurred forward. “Let’s ride around there and see who that is.”

They dashed wildly around the end of the pond on the trail which the logging teams had made. It could not have been much more than a minute till they had reached the point opposite the clump. There was thirty feet of water between it and the shore, and it was screened quite as thoroughly on this side as on the other. They examined it minutely but found no sign of life.

“You stay here and watch it while I go get a boat,” Mr. Graham suggested. He rode back toward the shanties and Scott kept his eyes glued on the spot where he had seen that mysterious figure.

Before Mr. Graham had ridden fifty yards a shrill whistle arrested him. Scott turned quickly at the sound and saw a man walking leisurely toward him along the edge of the swamp. Mr. Graham rode back again to join them.

“Thought you had him that time, didn’t you?” grinned the newcomer.

“Sure did,” replied Mr. Graham good-naturedly. “Was that you out there on that stump?”

The man grinned again and nodded. Scott thought that he looked a little ashamed of his discovery and studied him suspiciously.

“What made you beat it when you saw that we had spotted you?”

“Well, I did not want to wave because I did not want those other fellows to know that I was there. I knew you’d come whooping around here to have a close look, so I slipped out and came along the shore to meet you.”

“Pardon me,” exclaimed Mr. Graham, noting the curious glances the two men were casting at each other. “I had forgotten my manners. Murphy, this is Mr. Burton who has been sent down here by the office to solve this log-stealing mystery. Murphy is the ranger in this district,” he explained to Scott, “and can probably tell you more about this thing than anybody else.”