face was pale and there was a dangerous light in his eyes.

"It won't be necessary for me to visit you in the morning," he said.

The Captain fixed his glass.

"Fawncy!" he exclaimed.

"Anything you like!" Ned said.

"Fawncy!" repeated the Captain.

"As you please," Ned smiled. "Fawncy anything you like--anything
agreeable, you know."

"And why won't you come to my office in the morning?" asked the
Captain, with a tightening of his thin lips.

"I have decided to withdraw from the enterprise," was the quiet reply.
"I'm out of it."

The boys gathered about Ned with cheers and words of encouragement.

"Go it, old boy!" cried one.

"Don't let him bluff you!" cried another.

"Dad will buy you a submarine!" Frank Shaw put in.

The Captain stood in the middle of the group, gazing in perplexity