Yet, through the next few hours that followed, no attempt was made by those handling the steam craft to get her best speed out of her. It looked as though her sailing master and engineer meant to save some coal, now that the "Panther" had caught up and could keep up. Both vessels continued at a speed of some sixteen miles per hour.

Mr. Baldwin and his guests remained on deck. So did young Halstead, who had decided that he must now do with but little sleep while the chase continued in its present phase.

"Any sharp little sea-trick might enable the other fellows to slip away from us," he declared to the owner. "Every man on board ought to help in the good work on hand."

At about eleven o'clock the young skipper left Mr. Costigan on the bridge, and went below, though he did not turn in.

Nor had any of the passengers sought their berths. All of Mr. Baldwin's friends were on deck. Young Gaston Giddings, however, paced nervously, apart from the rest.

"He's fretting over his folly in keeping Rollings in such an important post, and giving the rascal the chance to run away with all that money, I suppose," thought the young skipper.

Somehow, Tom could not help watching Giddings a good deal. It was the nervous hitch in the young man's gait that first caught Halstead's eye. Presently the young captain of the "Panther" strolled slowly by Gaston Giddings.

"Confound it, what a queer, restless look there is in the fellow's eyes," thought Tom, uneasy, though he could hardly have explained why.

After that Halstead watched the young bank president even more closely, though he took pains to hide the scrutiny.

A request from Mr. Jephson called the cabin party over to the port rail to watch the "Victor." The instant the last of his companions had gone forward, and had passed around the pilot house, Giddings, after a swift look about him, stole into the dining saloon.