"Why, Captain, you can guess what became of the fellow? When our blaze was under way the 'Victor' turned and steamed nearer to us. The rascal jumped overboard, of course, swam back and was picked up. It must have been all part of a plan. At any rate, when the watch officer on the steam yacht saw the blaze on board this craft, he knew well enough what it meant, and stood by to rescue the Cragthorpe fellow."

"That's what has happened to him," nodded Mr. Baldwin. "He's safe again with the other rascals."

So the searching parties were recalled, the new watch was set, and quiet at last settled down over the yacht.

It was two o'clock in the morning when Tom Halstead again sought his rest. That fire had stirred him up so that he did not at once feel drowsy. A fire at sea, on a gasoline motor yacht, is a trebly serious affair. If the flames ever get close to the gasoline supply the blaze is almost certain to wind up abruptly in a fearful, devastating explosion.

"I've had some lively times at sea, before this," the young skipper muttered, "but this voyage has already gone ahead of anything I've ever had happen at sea. I hope we're through with visitors from the 'Victor.'"

At last he closed his eyes and slept, for Halstead was not a highly nervous youngster. When he was free from the demands of duty, and physically tired, he was not usually long in finding his rest.

Even in his sleep the lad did not lie quietly. He began to toss and thrash, dreaming that he was fighting it out again with Cragthorpe. It was like a nightmare, for, in his dream, the young captain of the "Panther" felt himself to be getting the worst of the struggle.

Then, all of a sudden, Tom Halstead awoke, roused by a sensation of choking. A man knelt over him in his bed. Halstead's hands were lashed, while a rope was noosed about his neck.

On the front wall of the cabin was a ship's clock. A shaded light burned near the dial of the clock, giving illumination to enable one to read the clock's dial from the bed.