"Ah, yes, they build beautiful boats, indeed, in Germany," the aged one said, and started fishing around in the drawer of the table next to him. "The Fraser, of course, was not a big boat like the Bremen or the Europa. But she was a lovely boat. I think I have a picture of her some place. You would please me by looking at it, Herr Leutnant. You can spare the time?"

As the old fellow spoke, he shot a quick meaningful glance at Dave. The young R.A.F. ace caught the meaning and shrugged.

"I have a moment to spare," he grunted. "Show me the picture."

"Ah, here it is!" the old fellow said triumphantly, and pulled something from out of the table drawer. "Here, you can see better under the light. This is not a very good picture, but it will give you an idea of what the Fraser looked like."

As the old man spoke, he beckoned Dave over to the table and blew some dust from an old photograph he had taken from the drawer. Dave stepped over and looked down at the picture. It was one of a single funnel cargo steamer, and not a very trim-looking vessel, at that. It was quite short and stubby-looking, and seemed to be riding exceeding high in the water.

"Is she not a beauty, Herr Leutnant?" the old man said eagerly, and then suddenly slid a piece of paper over the lower half of the photograph. "She was four thousand tons, and built sturdy as a rock. I myself was aboard on her maiden cruise."

The old man continued talking about the maiden cruise of the funny-looking ship, but Dave wasn't listening. Every ounce of his attention was focussed on the old man's right hand. He held a stubby pencil in his hand and was scribbling on the sheet of paper he had placed over the lower half of the photo which he held in his left hand. Dave's brain was on fire with excitement by the time the man finally finished and he was able to read the message. The message read:

"Take care! Their eyes and ears are all about. One mile west along the river, there is an old coaling wharf. Just beyond is an old river boat half under water. The bow is above water, and there is a hole on the port side. One can wade out to the hole. Meet me inside that hole at nine tonight. Now ask questions about this picture, and then leave this place."

Dave was forced to steel himself for a second or two to make sure he would keep the wild excitement out of his voice. He reached out a finger and pointed at the bow.

"That doesn't look right," he said. "It seems to ride too high. It does not look to me like a comfortable boat in a heavy sea."