“I’d like to know what we’re to hold onto,” gasped Nan, kneeling waist-deep in the water.

She had to hold up Bess, who was almost ready to collapse. Left to herself, Nan’s chum would have succumbed before the motor boat arrived. It was Walter’s boat. To Nan’s surprise, his sister and Linda Riggs were still with him.

“Stand by for the buoy!” called out Walter, and flung the inflated ring attached to a strong line.

It floated near the submerged canoe almost at once. Nan felt the canoe going down, and with her arm about Bess, she flung herself away from the sinking craft.

“Oh! oh!” gurgled Bess.

“Keep up!” cried Nan.

“Don’t sink, girls!” shouted Walter Mason. “I’ll get you!”

He, however, had his hands pretty full with the boat. It had lost headway and was inclined to swing broadside to the waves, which, every minute, were running higher.

Nan and Bess were both good swimmers; yet Bess was now all but helpless through fright. She would have sunk immediately had not Nan’s arm been about her.

Nan struck out for the bobbing ring. A wave carried them toward the life-buoy and as they fell down the slant of that wave, they fairly plunged onto the big canvas-covered ring.