Of course Jerry was astonished at his chum’s declaration.

“How do you know this?”

“They had that red valise. I saw it.”

“Let us make a few more inquiries before we say anything,” replied Jerry, slowly. “It’s pretty bad to accuse anybody of such a crime as this.”

They asked a number of people about the robbery, but could gain no information which would directly implicate Si Peters and his crony.

“We had better keep mum for the present, Harry.”

“What, and let the robbers escape?”

“Oh, I don’t want that to happen.”

The two talked it over for awhile, and when they returned home they were much troubled. But that night word came from New York City which mystified them greatly.

A detective telegraphed he had captured two tramps who confessed to a hotel robbery on Lake Otasco.

“That settles it,” said Harry. “We were all wrong, and I am glad we said nothing.”

On the following day they rowed over to Rockpoint for the Whistler. They heard no more about the hotel robbery, and the matter almost slipped their minds. But they were destined ere long to remember the occurrence full well.

Jerry and Harry talked matters over with their parents and made plans to sail down the Poplar River to Long Lake, and go to the yacht races at once.

Jack Broxton was to accompany them. Unfortunately for Blumpo, his father was taken sick and the youth had to remain behind to attend him.

Bright and early the next day the trip was commenced.

It lasted two days and three nights, and then they found themselves out on Long Lake, a large and beautiful sheet of water.

Harry and Jerry had studied up all the newspaper reports concerning the race between the Defender, a splendid yacht from the Poplar River, and the Spray, a craft from up the lake, and they knew exactly where to go in order to see the race to the best advantage.

“I know the captain of the Defender well,” said Harry. “He and father are old friends.”

“Maybe he’ll let you on his yacht then,” said Jerry. “My, but wouldn’t that be jolly!”

“I won’t go without you,” said Harry.

“I would like to be on that yacht myself,” said old Jack Broxton, as they presently came in sight of the Defender, anchored a short distance from the starting point of the race.

“We’ll run up and I’ll hail the captain,” said Harry.

This suited everybody, and it was done. The captain of the Defender was on deck seeing to it that everything was in order for the race. He greeted Harry with a pleasant wave of his hand.

“Can we come on board and take a look around?” asked Harry.

“Yes, but you won’t have time to waste,” was the captain’s reply. “We’ve got to get down to the starting point soon.”

The Whistler was run up alongside, and Harry and Jerry leaped on board of the Defender. They shook hands with the captain, and also with Frank Lee, the captain’s nephew, a bright boy of their own age.

They were much interested in the magnificent yacht and all of her appointments, and laughed greatly when Frank Lee snatched off their caps and placed caps on them with the name of the Defender above the peaks.

“Now you fellows belong to the crew!” cried Frank Lee.

“All right, we’ll help you beat the Spray,” returned Jerry, quickly.

The captain overheard the remark and turned to Harry:

“Would you really like to remain on board during the race?”

“Indeed we would!” said Harry. “And we’ll do duty, too, same as the rest of the crew, if you’ll only keep us. You know both of us understand all about a regular yacht.”

“Well, you can stay. I am short one man, and two boys ought to more than make up for him.”

Perhaps Jerry and Harry were not delighted? They sent word to Jack Broxton, and then made themselves familiar with the great yacht, the pride of all on board.

Soon it was time to up anchor and make for the starting point. Jerry and Harry worked manfully at the ropes, and so did Frank Lee. No one is allowed to remain idle on a racing yacht. The least one can do is to rush to this side or that and thus make “ballast.”

“All ready!” came the word, and the signal was given to start, and the Defender and the Spray were off.

Presently Jerry came over to the captain, who was at the wheel.

“Can we pass the Spray?” he asked, anxiously.

“We can try, Upton,” was the reply. “Can you take the wheel for a minute. I must have a drink of water.”

“Aye, aye, sir,” said Jerry.

How proudly he took hold of the wheel! He was for the time being in absolute command of the Defender.

An extra breeze sprang up. They were sailing almost side by side with the Spray. Suddenly the Defender shot ahead. Our hero stuck to the wheel, while Harry and Frank Lee did their full share of work with the rest of the crew.

The Defender was ahead, but the race was not yet over.