Don stood just beyond his father’s chair, regarding the leader of the submarine boys with a supercilious stare.

There was such silence, for a few seconds, that the ticking of the big clock in the corner sounded almost like hammer-blows.

“You understand fully, do you not, Benson?” demanded George Melville, breaking the silence.

“I heard you, sir,” Jack replied, not without an effort.

“And what have you to say, Captain Benson?” inquired Mr. Farnum, speaking with some effort.

Captain Jack turned around to face his employer; the other two submarine boys wheeled with him.

“Mr. Farnum, we have been in your employ, and we have always taken your orders.  If you say we are to be dropped from the boat’s crew, we bow to what we can’t prevent.”

“No one has spoken—­definitely, that is—­of dropping you boys from the ‘Pollard’s’ crew,” interposed Mr. Melville, slowly.  “I have only announced that in the reorganization of this enterprise the group that I represent will require that my son, Don, be placed in command of the ‘Pollard,’ and of any other submarine boats that may be built.  If you do not like to work aboard the submarines, very likely we can find work for you at something in this yard.”

Jacob Farnum exchanged a few words in an undertone with David Pollard.  Now, the boat builder faced about.

“Mr. Melville,” he began, “Mr. Pollard and I feel under a debt of deep obligation to Captain Benson and his mates.  Boys though they are, they have done much to make the ‘Pollard’ as famous as it already is.  Between an intelligent employer and a capable, honest employe there can be no question about gratitude.  I speak for both Mr. Pollard and myself, therefore, when I say that it is our feeling that Captain Benson and his mates must continue in their present positions.”

The color came back to Jack’s face.  Joy beamed out in his eyes.  Hal looked as though he had been given a new lease of life.

“Hooray!” roared Eph.  He gave two vigorous jig steps, then stopped, abashed.

“Excuse me, Mr. Farnum,” he begged, shamefacedly.

“I do not think you quite understand,” went on Mr. Melville, regarding the boatbuilder coldly.  “The placing of my son as I have indicated is an absolute condition on the part of our group.”

“And I have declined it,” returned Mr. Farnum rising, and standing easily.

“Then you do not want our capital, Mr. Farnum?” sternly demanded Mr. Melville.

“Not on your conditions, sir!” came, sharply, from the boatbuilder.

“Oh, you will come to your senses, soon,” rejoined the capitalist, coolly.  “You need a good deal of money for the extension of your business, and we stand ready to supply it.  All that is needed is the conceding of certain conditions, and we are ready to pass our checks for all the money you need.  My associates and myself ask for nothing that is unfair.  Now, will you take our money into your business, or will you go on in the old, slow way?”