While Joe remained on the bridge, Halstead soon went to the deck below. Mr. Baldwin followed him.

"If you can make the 'Panther' show all I think there is in her, Captain," commented the owner, "then we should overtake that other craft and have this chase ended in a few hours."

"The 'Panther' is doing, now, sir, all that she is capable of doing under her motors alone. The result of this race depends mainly on how well the steam yacht is handled, for she seems very nearly, if not quite, as speedy as your yacht."

"Is the 'Panther' going at absolutely her last quarter of a mile?"

"Chief Engineer Dawson informs me that he might get a little more speed out of the motors, but that he feels it wouldn't be altogether safe to try."

"Wouldn't a hoist of sail help us?"

"Not with the wind from the present quarter," Tom replied, thoughtfully. "I have already been considering that."

"It seems hard to be beaten," sighed Joseph Baldwin. "It is hard, even, not to find ourselves racing right up on the 'Victor.'"

"We haven't been beaten yet, sir," smiled Halstead. "Nor are we beaten as long as we have the other boat in sight."

As Baldwin turned and stepped over to the rail, he saw Skipper Tom moving away.