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 signal to Captain Chisholm, who had been restlessly pacing the bridge.

"Afraid bulkheads giving way," he signaled. "No lower yet, but stand by ready to let go hawser if necessary!"

The captain frowned as he read the message. It was maddening to have such valuable salvage snatched away when they were getting so near to port. But he was responsible for the lives of the men.

"Don't take chances," he signaled back. "Have dory ready."

Mr. Quick smiled grimly, but no one on the Pacific Queen saw that smile. It was not a pleasant sight. He was willing to run the same risk of being drowned as the men, but as chief mate he would draw a large proportion of the salvage money, and for the present he had no intention of giving the order which would send the men into the dory.

Every now and again he went to the side of the