ed interestedly.

"Only one at present, Mr. Kelton. We've acquired the Tillicum, late of
the Blue Star fleet."

"Indeed!" replied Kelton.

He was all attention now; for, though Matt Peasley did not know it, less
than ten days previous Kelton had tried to charter the Tillicum direct
from Cappy Ricks, who, knowing something of the financial condition
of Morrow & Company, had declined to consider a charter unless under a
guaranty of payment other than that of Morrow & Company. Kelton was in
urgent need of a steamer to cope with the congestion of freight, and the
Tillicum suited the purpose of his company admirably; hence, the news
that he might still be able to acquire her filled him with sudden hope.

"Indeed!" he reiterated. "I had no idea Cappy Ricks contemplated selling
her, though it has been common talk on the street that he made a mistake
in building such a big boat as the Tillicum for the coastwise lumber
trade. She was too hard to find business for, and I dare say he was sick
of his bargain."

"Well, I thought we'd take a chance on her," Matt replied, not taking
the trouble to disabuse Kelton of the impression to which he had
apparently jumped--to wit, that the Pacific Shipping Company had
purchased the Tillicum.

"What do you intend doing with her?" Kelton continued.

"They tell me business is good on the Panama run, and it will be better
when the Canal is opened. However, until the Canal does open, we would
prefer to keep out of the Pacific Coast trade. Competition always means
a rate war, with consequent loss to both parties to the struggle; so
we'd rather charter the Tillicum for a year if we could. I heard you
were in the market for a boat."

"I think we might use the Tillicum," Kelton replied. "What are you
asking for her?"

Matt named a figure considerably in advance of what he expected to
receive and stipulated a bare-boat charter--that is to say, Kelton's
company should pay the entire cost of operating the vessel, and select
her crew and officers with the exception of the captain and chief
engineer, it being customary among many owners, when chartering
a vessel, to stipulate that their own captain, in whom they have
confidence, shall command her. Cappy Ricks always specified his own
skipper and chief engineer.

When Matt named his figure Kelton promptly shouted "Thief!" but made
the mistake of shouting too loud--whereat Matt Peasley knew he was not
sincere and promptly decided to outgame him.