"Why do you say that?" demanded the owner.

"Our masts must be visible to the commander of the other craft. As if he suspected pursuit, he's crowding on steam. See that big cloud of black smoke coming up between the other craft's masts?"

"Yes! You're right."

"Now, unless a captain who is already moving under good speed is trying to escape something, he doesn't suddenly throw on his furnace drafts in that fashion," went on Tom, hurriedly. "So, Mr. Baldwin, I think you may feel sure that you're speeding along in the wake of the 'Victor.'"

"I'll have to call Jephson up here and show him this," cried the owner, moving to the bridge rail.

"All right, sir. But don't ask any others up. We've got a hard chase in hand, and don't want enough folks up here to interfere with the handling of the 'Panther.'"

Jephson started quickly forward at the call.

"Have you sighted the runaway craft?" called Mr. Ross, also starting forward.

"We think so," Mr. Baldwin answered. "But don't come up here. Captain Halstead doesn't want a crowd on the bridge. All the space up here is needed for handling the yacht."