He picked it up. It was La Rue’s coat. He had cast it off when he took his mad plunge.

As he handled the garment, Ralph suddenly felt a hard, oblong object in one of the pockets. It felt like a case. He plunged his hand into the pocket and drew out—the leather wallet that contained the priceless collection of gems!

What a find!

The boy’s head swam. La Rue, in the desperation of terror, had entirely forgotten the fortune in precious stones. Hastily Ralph thrust the wallet into his pocket.

“You bane find something,” came a voice behind him. Hansen’s voice. Had the Norwegian seen anything? Ralph by no means trusted the man, and he didn’t like the idea of his knowing of the great find.

“It was La Rue’s watch,” he said; “he left it in his coat. Now let us go below and get Malvin on deck.”

“I’ll spare you that trouble,” came a voice behind them both.

They turned and faced Malvin himself. His head was bandaged. His face chalky white.

“Well, you got the upper hand of me,” he said, addressing Ralph, “but I bear no malice. Are we all going to the bottom?”

The man’s cool, calm demeanor offered an odd contrast to the cowardly behavior of La Rue. He appeared to have resigned himself to whatever fate was to be his.