“A what!” Cappy shrilled.

“A yacht—eighty-five feet over all—”

“Eighty-five grandmothers! Why, what the devil does that boy want of a yacht? How much money does he intend to put into her?”

“I do not know, Mr. Ricks; but we can be reasonably certain of one thing; Matt Peasley will not build a cheap boat. She'll have a lot of gewgaws and gadgets, teak rail, mahogany joiner-work—at the very least, she'll cost him thirty thousand dollars.”

“Skinner,” Cappy declared solemnly, “he might as well put the money in a sack, go down to Clay Street Wharf and throw the money overboard! The other night I saw a couple of soldiers having a pleasant time in a shooting gallery, but what the president of the Blue Star Navigation Company wants with a thirty-thousand-dollar yacht beats my time. Why, he has more than thirty good vessels to play with all week, and yet he wants a yacht for Sunday! Skinner, my dear boy, that is wild, wanton extravagance.”

“Well, I dare say Matt thinks he can afford the extravagance.”

“Skinner, no man can afford it. Extravagance may reach a point where it becomes sinful. And I say it's a crime to put thirty thousand dollars into a yacht when the same thirty thousand, invested in a good vessel, will yield such tremendous returns. Skinner, my boy, how did you find out about this yacht nonsense?”

“I was looking through Matt's desk for a letter I had given him to read, and I ran across the plans. Thinking they were Blue Star plans, I looked them over; there was a letter from the naval architect attached—”

Cappy threw down his pencil.

“By the Holy Pink-Toed Prophet,” he cried in deep disgust, “I thought I was going to have a Merry Christmas—and now it's spoiled! Good Lord, Skinner! To think of a man throwing away thirty thousand dollars, not to mention the upkeep and interest after he's thrown it away—”