Mr. Moddridge remained below more than two hours. When he came on deck again he appeared to be in shape to tell Mr. Delavan the latest news he had of the state of their affairs.

The owner listened with a face that became graver every moment.

“It looks black for us, Eben, and we may be wiped out by this time, or, anyway, by the time we can get back to the battle-field. But it was grand of you, Eb, to throw in the last dollars of your private fortune to save us both. Whatever happens, I won’t forget your act. But, good heavens, how we must hustle and move now! Captain Halstead, just where are you heading?”

“As straight as the crow flies, sir, for New York harbor. But I can change the course if there’s any other point you’d rather make.”

“No; keep straight on, captain. New York is our battle-field. And, by all that’s sure, we’ll win out yet if there’s a fighting spar left standing when we hit Wall Street!”

With a vigorous bound this fighting Wall Street man was on his feet again, pacing the deck, not a glimpse of fear in his strong face.

Then, a little later, he and Moddridge found their appetites, and Hank Butts served them enthusiastically.

As the afternoon passed, and all hands gathered near the wheel, the stories of all were told.

Mr. Delavan, for his part, explained that, on that morning when he had taken the “Rocket’s” port boat and had gone out for a row, he had gone past the inlet. While out beyond, he had been overtaken by the nameless racing launch. A hail from the deck of the other craft had followed, and then an invitation to take a look aboard. Thinking that he might possibly penetrate the mystery as to who was really running that craft, Mr. Delavan had rowed alongside, intending only to stand up in his own little boat and look aboard the launch.

But, while doing so, he had been seized by both the boat handlers and dragged aboard. There he became mixed in a fight with two others who, from their descriptions, must have been Rexford and Ellis. When the fight stopped Francis Delavan was under the hood, his hands tied behind him. He remembered that, later on, the small port boat had been overturned and set adrift, and that his own hat and coat had been taken from him and cast into the water.