"They've been stolen!" exclaimed Matt aghast. "They were taken while we were up the bank! Who could have done it?"
"Who but Merton and some of those rascally friends of his?" queried Lorry, his eyes flashing.
Matt ran to the other end of the boathouse and stepped out upon the small platform above the water, but, strain his eyes as he would, he could see nothing of any boat on that part of the lake.
[CHAPTER III.]
A "DARK HORSE."
Ollie Merton was the only son of a millionaire lumberman. The millionaire and his wife were making an extensive tour of Europe, and while they were away the son was in complete charge of the big Madison mansion, with a large fund in the bank subject to his personal check.
Never before had such a chance to "spread himself" came young Merton's way, and he was making the most of it.
The lad was commodore of the Winnequa Yacht Club, which had its headquarters near Winnequa, on Third Lake. Another institution, known as the Yahara Motor Boat Club, had its boathouse on Fourth Lake; and between the Winnequas and the Yaharas there was the most intense rivalry.
Twice, in two years hand running, the Winnequas had contested against the Yaharas for power-boat honors. By winning the first race the Winnequas had secured a trophy known as the "De Lancey Cup," and by winning the second race they still retained possession of the cup. By winning a third time the cup would pass to them in perpetuity. The Yaharas, feeling that their very existence as a club was at stake, were bitterly determined to snatch the prize from their rivals. A vast amount of feeling was wrapped up in the approaching contest.