“Wow! That’s clear enough. Then Oliver Dixon did steal the money, and he has sent it to a New York bank,” cried young Halstead, all a-quiver with the bigness of the news. “Oh, the scoundrel!”

Nor was “the scoundrel” himself shaking any the less, at that moment. For Oliver Dixon stood on the other side of that thick curtain of leaves. Walking about the grounds, with his cat-like tread, Dixon had heard Tom Halstead’s first excited exclamation. Drawing softly close, he had heard the young skipper’s artless reading of that exciting letter.

First of all Dixon’s face went deathly pale. His knees shook under him. He looked like a man going through the agonies of severe fright.

By the time Tom had finished the reading, however, Dixon had regained his self-control. There was a deep scowl on his face. His fists clenched tightly.

“Now, that young cub will go and show the letter. It will be enough to start even easy-going Henry Tremaine on an investigation. Ruin!” Oliver Dixon confessed to himself. “Oh, what an idiot I was. And yet I needed that money! But now I may as well run away from here at once. I’m done for. Ida Silsbee wouldn’t consider me even fit to be her footmat. I’ll hustle away from here without an excuse.”

Collected, cool enough, but feeling that all was up, Oliver Dixon stole away from the arbor in which the dazed young motor boat skipper still sat, staring at the sheet he held in his hand.

“I guess there’s just one thing to do,” muttered Tom. “That will be to go and show this letter to Mr. Tremaine. He can do as he pleases about it. If that robbery had happened within the limits of Tres Arbores, Clayton Randolph wouldn’t have written the letter; he’d have come here with handcuffs.”

Dixon, having gained the porch, where he found himself alone, paused to light a cigarette and ponder fast.

“I wonder if all is lost, though?” he muttered. “If I could only get hold of that note, and silence Tom Halstead! Then I could try the value of braving it out for a while. It’s a fearful thought, that of losing Ida Silsbee and her fortune!”