In the final motor-boat race Jack Sheldon won by several lengths, his
opponent saying with a smile:

"Well, I did push you a bit, Sheldon, but you left me a long way
behind for all that. I was scarcely second, you might say."

Herring had won a swimming match, but was beaten in running, Percival
coming a long way ahead in the footrace, to the great delight of the
boys from the Hilltop camp.

Jack had noticed Margaret and Mr. and Mrs. Van der Donk on the club
house balcony, and heard with considerable pleasure her cheers of
delight, and saw her wave the Hilltop colors frantically when he won
the race with his boat, and could not help feeling a certain amount
of pride.

Later when he and Percival and a number of the boys went up on the
balcony to receive their prizes and accept the congratulations of
their friends, Margaret, who was seated with some distinguished-looking
strangers, said to the boy after congratulating him on his victory:

"Have you learned any more about the watch, Mr. Sheldon?"

"I have not found an owner yet," Jack replied, "and I don't know what
to do with it. It is altogether too costly an article for me to
wear, besides being a lady's watch, and my mother would feel that
it was too much of a task to live up to it. However, I may find
the owner yet."

One of the ladies with Margaret seemed greatly interested, and she