it, sir?" asked Captain Jack Benson.

The speaker was a boy of sixteen, attired in a uniform much after the
pattern commonly worn by yacht captains. The insignia of naval rank were
conspicuously absent.

"Now, that I've had the good luck to sell the 'Pollard' to the Navy,"
responded Jacob Farnum, principal owner of the shipbuilding yard, "I'm not
disposed to grumble if the Government prefers to store its property here
for a while."

Yet the young shipbuilder--he was a man in his early thirties, who had
inherited this shipbuilding business from his father--allowed his eyes to
twinkle in a way that suggested there was something else behind his words.

Jack Benson saw that twinkle, but he did not ask questions. If the
shipbuilder knew more than he was prepared to tell, it was not for his
young captain to ask for information that was not volunteered.

The second boy present, also in uniform, Hal Hastings by name, had not
spoken in five minutes. That was like Hal. _He_ was the engineer of the
submarine torpedo boat, "Pollard." Jack was captain of the same craft, and
could do all the talking.

Jacob Farnum sat back, sideways, at his rolltop desk. On top of the desk
lay stacked a voluminous though neat pile of papers, letters, telegrams
and memoranda that some rival builders of submarine torpedo boats might
have been willing to pay much for the privilege of examining. For, at the
present moment, there was fierce competition in the air between rival
American builders of submarine fighting craft designed for the United
States Navy. Even foreign builders and inventors were clamoring for
recognition. Yet just now the reorganized Pollard Submarine Boat Company
stood at the top of the line. It had made the last sale to the United
States Navy Department.

At this moment, out in the little harbor that was a part of the shipyard,
the "Pollard" rode gently at anchor. She was the first submarine torpedo
boat built at this yard, after the designs of David Pollard, the inventor,
a close personal friend of Jacob Farnum.

Moreover, the second boat, named the "Farnum," had just been launched and
put in commission, ready at an hour's notice to take the sea in search of
floating enemies of the United States.

"The United States will take its boat one of these days, Captain," Mr.
Farnum continued, after lighting a cigar. "By the way, did Dave tell you
the name we are thinking of for the third boat, now on the stocks?"

"Dave" was Mr.