got out of the hole and made a lot of money besides.  About that time Old Webb saw a vision of huge Oriental trade for the man who would go after it, and in his excitement he purchased the Narcissus.  She carried horses down to the Philippines, and to China during the Boxer uprising; and when that business was over, and while old Webb was waiting for the expected boom in trade to the Orient, he got a lumber charter for her from Puget Sound to Australia.  But she was never built for a lumber boat, though she carried six million five hundred thousand feet; she was so big and it took so long to load and discharge her that she lost twenty-five thousand dollars on the voyage.  Run her in the lumber trade and the demurrage would break a national bank.

“Well, sir, after that lumber charter, old man Webb had a fit.  He tried her out on a few grain charters, but she didn’t make any money to speak of; and about that time the P. & S. W., with a view to grabbing some Oriental freight for their road, got the control of the steamship company away from Webb.  The Oriental trade boom never developed, and the regular steamers, carrying freight and passengers, were ample to cope with what business the company was offered; so they didn’t need the Narcissus.

“As I remember it, she was expensive to operate.  She had a punk pair of boilers or she needed another boiler—­or something; at any rate, she was a hog on coal, and they laid her up until such time as they could find use for her.  I suppose after she was laid up a few years the thought of all the money it would cost to put her in commission again discouraged them—­and she’s been down in Mission Bay ever since.”

“But the Canal will soon be open,” Matt suggested.  “One would suppose they’d put her in commission and find business for her between Pacific and Atlantic coast ports.”

“You forget she’s a foreign-built vessel and hence cannot run between American ports.”

“She can run between North and South American ports,” Matt replied doggedly.  “I bet if I owned her I’d dig up enough business in Brazil and the Argentine to keep her busy.  I’d be dodging backward and forward through the Canal.”

“You would, of course,” Jerry answered placidly; “but the Oriental Steamship Company cannot.”

“Why?”

“Fifty-one per cent. of their stock is owned by a railroad—­and under the law no railroad-owned ship may use the Canal.”

Matt’s eyebrows arched.

“Ah!” he murmured.  “Then that’s one of the reasons why she’s a white elephant on their hands.”

“Got a customer for her?” Jerry queried shrewdly.  “A fellow ought to be able to pick the Narcissus up rather cheap.”

Matt shook his head negatively.

“Happened to pass her in a launch a couple of hours ago, and the sight of the barnacles on her bottom just naturally graveled me and roused my curiosity.  Much obliged for your information.”  And Matt excused himself and strolled over to the counter of the Hydro-graphic Office to look over the recent bulletins to masters.