“This must lead to the old hotel,” Dan said, groping his way along the damp wall. “Maybe we’ll get in after all!”

Before the boys had gone very far they came upon four sturdy sawhorses where a boat obviously had been allowed to rest while being painted. Varnish and cans of half-used paint remained, but the boat had been removed.

“Dan, I get it all now!” Brad exclaimed. “That boat which struck Mr. Holloway’s sailing craft was painted and outfitted here in the tunnel!”

“And painted to resemble Mr. Manheim’s speedboat!”

“That’s the way I dope it, Dan. Let’s see what lies further on.”

Highly excited by their discovery, the two boys moved rapidly on down the tunnel. Presently, a series of ten stone steps led up to a small bricked room which they judged must be directly beneath the hotel.

But to the disappointment of the Cubs, the room was empty save for a few empty boxes, from which all markings carefully had been removed.

“Dan, you know what I think!” Brad exclaimed, taking care to keep his voice low-pitched so that it would not carry to the rooms above. “This room has been used for the storage of loot!”

“The furs stolen from the warehouse!”

“It wouldn’t surprise me. Why, it was a perfect set-up! The crooks snatched the stuff and made a quick dash across the river. No one became suspicious, because the boat looked exactly like Manheim’s.”