Bob pointed as he shouted the words.

"It's a rocket," the captain cried and gave quick orders to the first mate, who had the wheel, to change his course a couple of points. "We wasn't very far out of the way at that," he added.

In a few minutes more a red glow showed them plainly the position of the burning boat and their hearts beat with hope that they would arrive in time after all.

"If they can hold out another half hour well be there," the captain told them.

"Don't you suppose they've taken to the boats," Mr. Lakewood asked.

"Can't tell. They'll likely stick to the ship as long they can," Captain Ole replied.

The light from the burning ship was rapidly growing brighter as the Valkyrie rushed through the water and, now and then, a rocket burst high above showing that some of the crew at least were still on board. But, after a time, they ceased, and when they judged that they were not more than a half mile away there came a dull heavy boom and in another moment the light disappeared.

"That was her boiler exploding and she's gone down sure as guns," Captain Ole shouted.

CHAPTER III.
THE RESCUE.