close-grained clear redwood butt-log, which, if cut in the spring,
when the tree is alive with sap, is so heavy it will not float in the
millpond; hence the term sinker. A vessel laden with lumber sawed
from sinkers, therefore, will carry just fifty per cent. of her
customary cargo; and unless the freight rate be extremely high, she
cannot make money.

"Do you know, Skinner," Cappy announced presently, "I think you'd
better hunt up a steady job for me! Dadding it, boy, I never knew
there was so much fun in business until I had practically retired!
Really, Skinner, I must take more interest in my affairs."

"Here's something to sharpen your teeth on, Mr. Ricks," the general
manager replied, and presented the cablegram he had been holding for
five minutes.

Cappy took it and read, thereby becoming aware for the first time,
that he had in his employ an individual by the name of Matthew
Peasley.

Cape Town, February 15, --.

Bluestar, San Francisco:

Captain knifed Kru boy argument boat fare. Instruct consignees
honor my drafts as captain.

Matthew Peasley, Mate.

"The murdering black hound!" Cappy murmured in an awed voice. "If he