NED, CAST AWAY.

But as Herc and Herr Muller crashed floorward together a rush of footsteps came down the companionway stairs. The shot that had destroyed the sending key of the sloop's wireless had been heard on deck. Rescue was at hand for the two scoundrels who had been overborne by the Dreadnought Boys.

Before hands could be laid on Herc, however, the freckle-faced youth had banged his fists twice into Herr Muller's face. He raised his hand for a third blow when a sharp pain shot through him, and he sank back with a groan of helpless pain. Something had flashed in the anarchist's hand for an instant and had buried itself in Herc's side.

"Ned! Ned!" cried the lad in accents of shrill alarm, "the fellow's stabbed me."

With a superhuman effort, Ned flung Merritt's arms from him and dashed across the cabin. Herr Muller had struggled to his feet. He rose just in time to be spun clear across the cabin by the infuriated Dreadnought Boy. Such was the force in Ned's righteously indignant blow, that before the anarchist leader ceased spinning, he crashed clear through a wooden panel.

"Herc, old fellow!" cried Ned, sinking to his knees beside his comrade, "are you badly hurt?"

"I—I—I'm all right, old chap. Save the ships!" mumbled Herc and his eyes closed. The freckled face grew fearfully white.

Before any of the excited crew could lay a hand on him Ned picked up Herc as if he had been a child, and began backing toward one of the cabin doors with him.

"You scoundrels will pay dear for this!" he shouted angrily as he went out.