"Yes, but who knows how he comes by his money? He is the chum of a thief, that's certain."

A search was made for Dan Baxter, but he could not be found. As a matter of fact, he had been in the buggy, hiding under the seat. The boys hung around for quarter of an hour longer, and then resolved to return to Putnam Hall.

"No use of making a row about it," said Tom. "I remember that policeman at the steamboat landing. He is a terribly fat fellow and evidently a hard drinker. He couldn't help us enough. We had better try to work this out on our own account. I'll tackle Baxter the first chance I get."

When the Hall was reached they looked around for the bully, but found he had not returned. They had now to go in for their studies, and for the time being the affair was dropped.

That afternoon found them on the lake, and while enjoying the skating Dick was informed of what had occurred. "A bad crowd," said the elder Rover. "Yes, tackle Baxter, by all means. But be cautious what you say, for you can't prove much, remember."

A race had been arranged between the boys, and Dick was one of the contestants. The distance was from one end of the cove to the other was a little over three-quarters of a mile. There were ten starters, including Fred, Frank, Larry, and Mumps. Mumps had a reputation as a skater, gained at his home on the Hudson River.

"All ready?" shouted the starter.

There was a dead silence.

"Go!" came the word, and away went the ten, their skates flashing brightly in the setting sun. Soon Larry Colby was in advance, with Mumps just over his shoulder.

"It is Larry's race!"