“The one that made those holes.”

“Well, but——!”

“It’s as clear as daylight now,” said Nelson. “There’s only one person we know of who would deliberately stave holes in that boat.”

“Who’s that?” asked the others in chorus.

“Captain Sauder!”

CHAPTER XIII—WHEREIN DAN TELLS A STORY AND TOM IS INCREDULOUS

“By Jove!” murmured Bob.

“Then you think—?” began Dan.

“I think that the Henry Nellis happened along this morning, saw Spencer Floyd out there in the tender, took him aboard and knocked holes in our boat in the hope of sinking her.”

“But—!” exclaimed Bob. Then he stopped and looked thoughtful. Finally he nodded his head. “Yes, that’s just about what happened,” he concluded.