Dave read the brief communication over several times. As he did so his face showed both perplexity and anger. Roger, who had received no letter and who therefore had nothing to read, looked at him curiously. "No bad news, I hope?" he said, as he came up to Dave. "I think it's another communication from that good-for-nothing Link Merwell," returned Dave. "Here, you can read it for yourself," and he passed the letter over. The senator's son read the scrawl, and his face showed his disgust. "I guess you're right, Dave, it must be from Link Merwell." "Link Merwell!" broke in Shadow, who sat on a bench near by. "What about that rascal; have you heard something further of him?" "Oh, it doesn't amount to anything," returned Dave, hastily, and taking the communication he thrust it into his pocket. "Don't say anything about it," he added to Roger, in a low tone. "All right, I won't if you want it that way," answered his chum. "Just the same, Dave, this looks to me as if Link was plotting once more to do you an injury." "If so, Roger, would he be fool enough to notify me beforehand?" queried our hero, as the pair walked a little distance away from the others. "There is no telling what a fellow of Link's stamp might do. He is just fool enough to brag about what he hoped to do rather than go and do it. It's an outrage that he should call you a 'poorhouse nobody.'" "I'd thrash him for it if I could get my hands on him," returned Dave, quickly, and his face showed deep resentment. He had not forgotten how, in years gone by, his enemies had taunted him with being a "poorhouse nobody," and how he had had to fight his way through until his identity had been established. "Anyway, Dave, this gives you a chance to be on your guard," went on Roger. "If I were you I'd keep my eyes wide open for Link Merwell." "I certainly shall, Roger. And if I can lay my hands on him I won't be as considerate as I was on Cave Island," was the answer. "I'll hold him until I can turn him over to the authorities. He ought to be keeping company with Jasniff in jail." The girls were chattering among themselves over the letters they had received, and Shadow and Luke soon joined in. As was to be expected, the former story-teller of Oak Hall had his usual anecdote to relate, to which the others listened with interest. Phil had drawn apart from the crowd, and was now reading the letter he had received a second time. His face indicated unusual concern. "Well, I hope you got good news, Phil," remarked Dave, as the shipowner's son came towards him and Roger. "No, it's just the opposite," was the somewhat doleful reply. "What? Do you mean it's bad news?" broke in Roger, quickly. "It certainly is! Instead of losing twenty to thirty thousand dollars, my dad stands to lose about fifty thousand dollars on that land deal I mentioned to you some time ago." "Why, how is that?" queried our hero, curiously. "Has the land gone up in value since then?"