On June 19, 1994, at 1641 eastern daylight time, a Classic Aircraft, WACO YMF5, N5YM, lost total engine power while in cruise flight at 1,700 feet mean sea level over Lake Erie near Put-in-Bay, Ohio. The pilot ditched the airplane. The pilot received minor injuries and the two passengers were not injured. The airplane was substantially damaged. Visual meteorological conditions prevailed at the time of the accident. The local sightseeing flight was operated under 14 CFR Part 91. The pilot reported that at 1,700 feet mean sea level, and about 1,500 feet from the shore, the airplane's engine lost total power. The pilot stated that he tried to restart the engine to no avail. He stated he elected to ditch the airplane instead of land on the heavily treed shore. The pilot and passengers exited the airplane while it was still afloat and were rescued by nearby boaters. The airplane sank to the bottom of the lake. The airplane was removed from the lake on June 20, 1994, and examined. The examination did not reveal any airframe anomalies. Fuel was present in each fuel tank and found throughout the fuel system. Under the supervision of a Federal Aviation Administration Safety Inspector, the engine was examined by a certified mechanic at General Aviation Incorporated located in Lansing, Michigan. No anomalies were noted. Further, the engine and its accessories were sent to the engine manufacturer, Jacobs Service Company, located in Scottsdale, Arizona, for a teardown inspection. The inspection did not reveal any anomalies. (See attached engine inspection reports for further details.)