"Captain Halstead, my friend, Mr. Jason Ross," announced Mr. Baldwin, crisply, as soon as the young skipper had closed the owner's door behind him.

Mr. Ross was a man of forty-five, and looked like a man who might be of much importance in the financial world. Yet he was presented to Halstead, for on a yacht the captain is considered next in importance to the owner.

Tom modestly greeted Mr. Ross.

"Sit down, Captain," snapped out the owner, though not unkindly. "Now, I've got to take you into my confidence a bit. Delavan's word for you makes me feel that I can safely do it."

Tom had only time to nod ere Mr. Baldwin went on, crisply:

"My guests are on board, with one exception. In a way, the exception is the most important one of us all. He isn't so very important in himself, but Gaston Giddings, though a very weak, foolish young man, happened to succeed his father in the principal control and presidency of the Sheepmen's National Bank. Young Giddings and the funds his bank can supply are of the utmost importance to my associates and myself in some big enterprises we are putting through. Do I make myself clear?"

"Wholly so, sir," Tom answered, quietly.

"Now, Giddings, besides being several kinds of plain and ornamental fool—no, I won't quite say that, but this weak young man has one fearful fault for the head of a bank——"

Joseph Baldwin paused in his rapid speech. He looked sharply at Mr. Ross an instant, then continued:

"Oh, well, Frank Delavan told me I could trust you and Dawson with anything from my yacht to my reputation. You understand that what I'm telling you, Captain, is absolutely confidential?"