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"Out of range now, an' if the wind holds she'll be out of sight

by nightfall," said Pete, who was moved to great excitement and

enthusiasm by the contest. "Wonder who she is?"

He plunged down the companionway to the cabin and emerged a

moment later with Code's powerful glasses.

But Code did not need any glasses to tell him who she was. His

eye had picked out her points before this, and the only thing

that interested him was the fact that her wireless was down.

It was the mysterious schooner.

He had never seen her equal for traveling, and he knew that she

must be making a good fourteen knots, for the cutter was capable

of twelve.

She had reached her closest point of contact with Code's vessel

and had begun to bear away when Pete leveled his glasses. It was

on Schofield's tongue to reveal the identity of the pursued when

Ellinwood yelled:

"Good Heavens! Skipper! She has Charming Lass printed in new gold

letters under her counter!"

"What?"