Mr. Gibney quivered, but made no reply. He carefully examined that portion of the derelict above water and discovered that by an additional expenditure of about fifty dollars he might recover an equal amount in brass fittings. The Kadiak's house was gone and her decks completely gutted. Nothing remained but the amputated hull and the foul cargo below her battered decks.

In majestic silence the commodore motioned all hands into the launch. In silence they returned to the city. Arrived here, Mr. Gibney paid off the launch man and the diver and accompanied by his associates repaired to a prominent jeweller's shop with the pearls they had accumulated in the South Seas. The entire lot was sold for thirty thousand dollars. An hour later they had adjusted their accounts, divided the fortune of the syndicate equally, and then dissolved. At parting, Mr. Gibney spoke for the first time when it had not been absolutely necessary.

"Put a beggar on horseback an' he'll ride to the devil," he said. "When you two swabs was poor you was content to let me lead you into a fortune, but now that you're well-heeled, you think you're business men. All right! I ain't got a word to say except this: Before I get through with you two beachcombers I'll have all your money and you'll be a-beggin' me for a job. I apologize for soakin' you two with that diseased codfish, an' for old sake's sake we won't fight. We're still friends, but business associates no longer, for I'm too big a figger in this syndicate to stand for any criticism on my handlin' o' the joint finances. Hereafter, Scraggsy, old kiddo, you an' Mac can go it alone with your stern-wheel steamer. Me an' The Squarehead legs it together an' takes our chances. You don't hear that poor untootered Swede makin' no holler at the way I've handled the syndicate——"

"But, Gib, my dear boy," chattered Captain Scraggs, "will you just listen to re——"

"Enough! Too much is plenty. Let's shake hands an' part friends. We just can't get along in business together, that's all."

"Well, I'm sorry, Gib," mumbled McGuffey, very much crestfallen, "but then you hove that dog-gone fish at me an'——"

"That was fortune hittin' you a belt in the face, Mac, an' you was too self-conceited to recognize it. Remember that, both of you two. Fortune hit you in the face to-day an' you didn't know it."

"I'd ruther die poor, Gib," wailed McGuffey.

The commodore shook hands cordially and departed, followed by the faithful Neils Halvorsen. The moment the door closed behind them Scraggs turned to the engineer.

"Mac," he said earnestly, "Gib's up to somethin'. He's got that imagination o' his workin'. I can tell it every time; he gets a foggy look in his eyes. We made a mistake kiddin' him to-day. Gib's a sensitive boy some ways an' I reckon we hurt his feelin's without intendin' it."