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 ship to see if she had settled farther. He was perfectly aware that the noise he had heard indicated something sinister was happening down in the flooded interior of the ship and that the derelict's chances now hung on a single thread. But while that thread held there was a hope of big salvage money.

An hour passed—two hours. Mr. Quick, with every nerve strained to breaking point, felt a peculiar motion of the derelict, and the deck vibrated slightly. Though hard and cruel, he was brave. Very quietly, and still puffing at the stump of a cigar which he had nearly bitten through, he peered again over the side.

For three minutes he remained in that position, staring intently at the water.

Oleson, on the Pacific Queen, took the glasses from Dave's hand.

"She's a full foot lower," he said jerkily. "I 'll be veree surprised if she keeps up another hour."