Mr. Stoner is bad, and it seems his son is turning out just the same. Masked and dressed all in gray, Stoner's Boy moves like a ghost up and down the river, stealing and causing mischief. Seckatary Hawkins and his club have crossed this dangerous lad, and (to make matters worse) Briggen and the Pelham gang across the river won't leave the ruthless thief alone: They know that he's hidden his treasure hoard somewhere in his cliff cave lair, and they're dead set on having it for themselves. Still, it doesn't seem that anyone can stand up to this clever foe -- except maybe another newcomer in...

Everyone thought Stoner's Boy was dead. Seckatary Hawkins and the other boys saw him take that terrible fall into the cliff cave abyss. But the masked marauder known as the Gray Ghost is back -- running the river and causing mischief... or is he?

It's not altogether clear whether or not someone from the old Red Runner gang, either Androfski the Silent or Jude the Fifth, is masquerading as the Fair and Square Club's old archenemy to hide from the law. Plus, there's a new boy in town named Simon Bleaker who seems just as rotten and wily as Stoner's Boy ever was. Will Seck and his...