"Then he's well on his way by this time!" exclaimed Ned with a note of regret. "We'll have to hurry to catch him!"

"Yes," returned Mr. Bosworth, "but remember that the cotton steamer is a tramp vessel. Probably her bottom is covered with barnacles and she won't be able to make her usual speed, which at best is slow. You ought to beat him across by taking one of the faster vessels from this port. I've been looking up the sailings somewhat."

"If the trial of the new engine proves to be half what we expect, as we have every reason to believe," Ned remarked, "we ought to be able to have the Grey Eagle dismantled and ready for shipment in two days. That being the case, we could then sail next——"

Loud voices from the outer office attracted the attention of the group. Jimmie's angry tones were heard.

"What do you want here?" the lads heard him ask someone.

A muffled reply from the other was not intelligible.

"You clear out of this or you'll wish you had!" retorted Jimmie. "I think you're a fake, that's what I think!"

"What's the matter, Jimmie?" called Ned, rising.

With flashing eyes the younger lad entered the room. He had left without attracting the attention of the others.

"Our friend from the restaurant window was out in the corridor with a wiping cloth," replied Jimmie. "My dream book told me that someone was doing a little eavesdropping and I slipped from this room into the outer one. I stood by the door listening until I heard someone there. It was the same fellow and he had his ear glued to the crack. When I opened the door he made a bluff at wiping off the marble wainscoting, but he wasn't quick enough! I think he's a spy!"