And the actual course of events made him think that his surmise was true. The desperate chase kept up for perhaps half an hour; and then unaccountably the Spaniard's fire began to slacken.

Clif could hardly believe his ears when he heard it.

"What can it mean?" he gasped.

But a moment later his surprise was made still greater. For one of the sailors bounded into the pilot house.

"She's giving up, sir!" he cried.

"Giving up!"

"Yes, sir."

"How in the world do you mean?"

"She's stopped firing, sir. And what's more, she's dropping behind."

Clif stared at the man in amazement.