shall be glad to be enlightened," laughed Jack, softly.
"Who are you?"

"I'm the son of the man who expects to put a big amount of capital into this enterprise. Farnum wants my father to do it."

"Then I hope your father does," nodded Jack Benson, with a look of polite interest.

"Of course, in that case," pursued Don, "the whole business will be reorganized."

"I should imagine so," nodded Jack.

"And, as a part of that reorganization, I'm to have command of the
'Pollard,' and of any other boats that may be built here!"

Captain Jack Benson's face blanched in an instant. He did not falter, but he felt, for the moment, as though he had been stabbed to the heart. Hal Hastings gave a little, barely perceptible gasp. Eph Somers, with a snort of wrath, turned and stepped through into the motor room.

"I'm to command this boat, and the others that may be built; that's one of my father's conditions in putting up the required capital," continued Don Melville. "Of course, I shall select my own helpers and crews. If you three are really competent, and show sufficient respect for authority over you, I may be able to provide some sort of places for you aboard this boat and the new one that's being built. Now, do you understand who I am?"

"I've heard all you said," replied Captain Jack, dully. He was so dazed, so tormented, that, for the moment, he did not dare trust himself to make more of a reply.

"Don!" called the elder Melville, briskly. "We're going on shore now.
You'd better leave your further studies aboard until to-morrow."

"Good-bye, then, lads," said Don Melville, laying a hand on the nickeled railing of the spiral stairway leading up through the conning tower. He spoke with a trace more of cordiality as he started up the steps: "When I come aboard next I trust there will be no misunderstanding of new facts."

Jack Benson still stood by the little cabin table, resting one hand on it. His eyes were turned toward the floor, his chest heaving. The blow had struck him like a bolt from a clear, sunny sky!

"That cold duffer coming aboard to boss us all around like cattle?" burst from Eph Somers, as he stamped out from the engine room.

"Confound it!" growled Hal Hastings, savagely. "I don't believe the yarn.
Do you?"

"I'm half afraid," replied Captain Jack, raising his eyes, "that I do."

CHAPTER II

A SUBMARINE STUNT THAT DUMFIOUND THE BEHOLDERS

"It ain't true! Can't be! I won't believe it!" declared Eph, in a rage.

"We've had such a good time aboard, and have been so proud of what we've been able to do," added Hal, chokingly.

"Mr. Farnum won't put that snob in here!" asserted Eph. "Not in charge, anyway. Why, Mr. Farnum couldn't stand the fellow any more than we could."

"Fellows," rejoined Jack, looking at the hot faces of his mates, "we mustn't be too hasty, even in talking among ourselves."

"That fellow's a snob," asserted Eph. "I'll stand by that anywhere."

"I don't know that I'd say that," replied young Benson, who had recovered his calmness. "In the first place, Don Melville has evidently had a golden spoon in his mouth from the day of his birth. He's used to having things his own way. He may be all right at bottom."

"Then that's where I hope he goes," quivered Eph. "Straight to the bottom! Under a hundred fathoms of good salt water!"

"We may like him better when we know him," ventured Jack.

"I'm betting though," put in Hal, thoughtfully, "that we're much more likely to like him less."

"He's a duffer!" snorted Eph.

"We may have to change our minds about that," smiled Jack, dully.

"Ain't he a rich man's son?" demanded Eph, blazing.

"That doesn't make him out a fool or a dullard," retorted the young captain. "Rich men's sons aren't as often fools as they're suspected of being. Some of them are mighty clever. The number of great American fortunes that are doubled, or trebled, in the second generation, show that."

"Then you're going to side with him?" sneered Eph.

"I don't know what I'm going to do, until the time comes," Captain Jack answered, quietly. "But I do know one thing I'm going to do, at any and all times—and so are you fellows. You couldn't help it, if you tried."

"What's that?" Hal wanted to know.

"We're going to be as square with Jacob Farnum as he has always been with us. That carries with it the idea of a big lot of loyalty."

"Right!" agreed Hal.

"Of course," nodded Eph, less angrily. "Just as long as Farnum runs the business. But, if other folks get in here and get the control—"

"Of course, we can drop out of this business at any time we want to, provided it wouldn't carry with it disloyalty to the employer who's been mighty good to us," supplied Jack Benson.

"Mr. Farnum sent the boat out, to see if you young men want to go ashore," announced a voice from above.

Within two minutes the three submarine boys were making for the shore. After reporting at the office of the yard, and finding that Mr. Farnum would not want them again that afternoon, the young cronies sauntered off up into the village. At Jack's suggestion they talked no more about the Melvilles for the present. Yet each felt as though a lump of lead lay against his heart.

Though they tried to enjoy themselves in the village, there was too great a weight of dread upon them. It began to look as though all the pleasure of their recent life must fade. Though Don Melville, if he secured command of the "Pollard," might tolerate them aboard, all three knew that they would feel the burden of his cool contempt for them as inferiors. Listlessly, at last, the three submarine boys turned back toward the yard, went aboard, cooked a supper for which they had no appetite, and then waited for turning-in time.

In the next few days there were many signs that Melville intended to find and supply the desired capital for the promotion of the yard's business. Don and his father were much about the place, though they rarely came out to the "Pollard." Business friends of Mr. Melville's also appeared. Finally there came an important looking lawyer and an expert accountant.

"I reckon it's all settled except the signing of the papers," ventured
Hal Hastings.

"The toe of the boot for ours, then, or as bad," murmured Eph Somers sardonically.

During these days David Pollard, the inventor who had made this splendid type of submarine boat possible, did not appear. For one thing, he was away in secret, pondering over the invention of further appliances to be tried out on the boat now building. More than that, David Pollard, shy and with no head for affairs, entrusted all new business arrangements to Jacob Farnum, who, he felt sure, could be trusted with a friend's interests.

"It's tough to be poor," grimaced Hal Hastings. "If I had the money, I'd put it into the business for the sake of keeping my berth aboard, and having things as pleasant as we've had 'em all along."

"So would I," grunted Eph. "But what's the use of talking, when this is all the capitalist that I am?"

He took out four paper dollars, passing them ruefully between his fingers.

"Why don't you say something,