whispered Billy.

"That doesn't look like an honest man's action, certainly," agreed Jack.
"Come on, boys; we'll see what's in the wind. Do you know, somehow I've
got an idea that we've seen that fellow somewhere before."

"What gives you that impression?" asked Billy.

"I can't say--it's just a feeling I've got. An instinct I guess you
might call it."

The three boys moved forward as stealthily as did the man whose actions
had aroused their suspicions. Presently they saw him cut across a small
patch of lawn and strike into a narrow path which led among some trees.

With every care to avoid making any noise, the three boys followed. The
path led to the edge of a cliff, down the face of which a flight of
stone steps ran down to the water's edge. The man descended these.

"What can he be? A smuggler," suggested Billy.

"I don't see any boat down there, if he is," rejoined Jack in low tones.

Suddenly a sharp, low exclamation came from Noddy, who had been looking
out over the lake.

He caught Jack's arm and pointed.

"Look, boys, a yacht!" he breathed.

"Heading in this way, too," rejoined Jack. "It looks like--but no, it
cannot be."

"Cannot be what?" asked Billy, caught by something in his companion's
voice.

"Cannot be the _Speedaway_."

"Judson's craft, the one that ran us down? Nonsense, you've got Judson
on the brain, Jack."

"Have I? Well, it's an odd coincidence, then, that the yacht yonder has
a tear in her foresail exactly where our bowsprit tore the _Speedaway's_
jib this afternoon."

"By hookey, you're right, Jack!" cried Noddy. "There may be more to this
than we think."

Billy was peering from behind a bush over the edge of the cliff, which
was not very high.

He could see below, the dark figure of a man making a black patch in the
gloom upon the white beach. He was moving about and pacing nervously to
and fro on the shingle as if awaiting something or somebody.

Suddenly he made a swift move.

"He's waving his handkerchief," whispered Billy to the others, as he saw
the man make a signal with a square of white linen.

"To that yacht, I'll bet a cookie," exclaimed Noddy.

As if in answer to his words there suddenly showed, on the yacht, a red
lantern, as if a scarlet eye had suddenly opened across the dark water.

CHAPTER VI.

IN THE DARK.

"Something's in the wind sure enough," said Jack. "Hark, there's the
plash of oars. They must be going to land here."

From below