For half an hour he lay on the bank, watching and waiting. Then an exclamation of satisfaction broke from him. Through the lifting gray dawn light he could discern the hills a half mile farther along the shore, where Cowley’s camp was located. Sweeping the waters of the lake with his eyes, he then caught a moving speck halfway across, in line between the hills and the foot of the lake, and moving toward the latter.

Cowley was well on his way down the lake!

“Looks as though things were breaking my way at last,” thought Denis, as he scrambled down the steep bank to his canoe. “Now I think that I’ll have a little surprise for Mr. Smoking Duck before he gets through his breakfast.”

Save for the cartridges which The Pigeon had expended, the Winchester rifle had a full magazine. Certain of this, Denis pumped in a fresh cartridge, knelt in the canoe, placed the rifle in front of him, and shoved out.

Now he paddled swiftly, putting all his strength into the work. In a short fifteen minutes he found himself lying outside the almost concealed creek entrance. Into this he headed, scanning the bushes and trees ahead for any sign of Smoking Duck.

No danger threatened, however. Without sighting a moving thing, he reached the log landing, jumped out, and lifted his canoe from the water. Then, rifle in hand, he stepped out on the trail to the shack.

Five minutes later, he was standing at the edge of the clearing, eying that odd cluster of buildings. From the chimney of the shack itself no smoke ascended, but from what seemed to be the lean-to just behind, a thin trail of wispy smoke was winding into the sky.

“That must be the ‘fire’ to which Cowley referred,” thought Denis, frowning. “If Smoking Duck isn’t asleep, he’s probably around there in back.”

Hesitating no longer, he went across the clearing at a run, half expecting a rifle shot from the silent shack front. None came. Reaching the door of the shack, he peered inside and found the place empty, but from the back came the regular strokes of an ax!

Slipping around the side wall of the shack, to the right, Denis passed the lean-to which held the baled peltries. At the corner he paused, cocking his rifle, then stepped out around the end.