"Shall I pass well to starboard of the sailing craft, sir?" asked the third officer.

"No; get in her path. When we're near enough, signal that we want to speak the other vessel," Halstead answered.

Within seven or eight minutes the "Panther" was signaling the other craft by sound for the desired marine interview. The "all right" signal came back. Then the two vessels were cautiously manœuvred to meet each other without collision.

At last a big bowsprit loomed up out of the white gloom, close at hand.

"Put your helm hard-a-starboard!" roared Mr. Costigan through the wheel house speaking-tube. Then, after some further manœuvring, during which the "Panther's" propellers reversed, the two craft lay hazily in sight of each other.

The stranger proved to be a long, low, white schooner yacht hailing from San Diego as the home port, but now bound for Hawaii.

"Do you know the steam yacht 'Victor' when you see her?" Tom shouted over the "Panther's" rail.

"Yes," came back the testy answer. "And sometimes we see too much of her. We did this morning."

"You did?" Halstead demanded, excitedly. "Where?"