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Rh "The box is probably at the bottom of the lake," was Tom's opinion.

It was several days after this that the four chums were in Haddonfield, partaking of a little supper after a vaudeville entertainment. There strolled into the restaurant some lads from Boxer Hall, among them one or two members of the eight-oared crew.

"Hello, Dave!" greeted Tom and the others.

"Too bad about your trophies; wasn't it," added Phil.

"Rotten!" conceded Dave. "Some of them were old timers, too."

"I—er—I understand that you lads were the first to discover the loss," put in Harry Cedstrom, one of the new students at Boxer Hall, and a member of the crew. There was a strange emphasis on the word "first."

"The first to discover It—what do you mean?" asked Frank Simpson, bristling up.

"I mean that you were first at the wrecked boat that had held the box of jewelry," went on Harry, while some of his companions nudged him to keep him quiet.

"We happened to be there," admitted Frank, in a quiet voice that, to his friends, always presaged an outburst of righteous indignation. "We saw the wrecked boat, and called the attention of the owner to it. We went back with him, and then