In the hey-day of prosperity, no one noticed the faint clouds which crept upward from the sky-line. Storm-signals fluttered feebly and were passed by unheeded. Then Mr. Dupont, of Winfield & Camby, sounded the warning.

"You're not getting enough fish," he exclaimed on one of his periodical visits to Legonia. "I'm building up a demand for your product which is fast becoming national. The way things are going now, you will not be able to supply it. Then I'll be out of pocket for my advertising. I'm cutting into your surplus every day. In two weeks you'll be down to bed-rock. What are you going to do about it?"

As Gregory considered the question, Mr. Dupont answered for him: "You've got to have more boats. If you haven't the money to tie up in them right now, I'll back you and take a mortgage on your plant. I'm willing to stick by you and back you to the limit. But you've got to furnish the goods."

Gregory made up his mind quickly. Dupont was right. Things were coming his way with a rush. What was the use of losing all he had gained by pursuing a policy of playing safe and "shooting nickels"? Men who made fortunes on the sea had to take chances. It grayed their hair and seamed their faces with premature lines. But that was part of the game,—the toll which the sea demanded.

"All right," he said. "Let's get down to business.

I'll go back to the city with you and we'll fix things up. I know of some boats I can lease while Barrows is building the others. Let's go."

From the arrival of the new craft which went to make up the greater cannery fleet, misfortune stalked grimly in its wake. Fishing was universally poor. The boats were forced to cruise wide areas in order to supply fish enough for the cannery and Service Market. Areas which placed them beyond reach of the radio and gave Mascola his chance. The Italian struck without warning. Angered by the loss of his prestige, strengthened by his augmented fleet, he began to hector the extreme outposts beyond reach of the wireless.

Then ensued a long period of stormy weather. Owing to new and inexperienced crews and the increasing interference of Mascola's men, a number of Gregory's vessels were wrecked on the island shores and salvaged with great difficulty and expense. With the extended radius of his operations, overhead expenses mounted perceptibly, cutting down profits and adding to the multiplying worries of the young cannery-owner in countless ways.

At the close of one particularly trying day he sat alone in the cannery office and stared moodily at a wireless despatch which lay on the desk before him. It came from Diablo and reported the arrival of a portion of his fleet off the Hell-Hole.

The message was phrased in the most optimistic terms. Fish appeared to be plentiful. The weather