the table to Max.

Both he and Owen examined it by the aid of a strong magnifying glass.

"It's a pearl, all right," announced Max, finally.

"Oh! joy! joy!" exclaimed Toby, ready to leap to his feet and begin a jig.

"But without any particular commercial value," Owen said, once again
freezing the enthusiasm of the stammering, excited Toby.

"All the same, it ought to encourage us to begin work dredging the Big
Sunflower," remarked Steve, as he started in to examine the first find of
the expedition.

"It certainly will," Owen declared. "But, see here, Max, what are you
grinning about?"

"He's found something in his old oyster, bet you a cooky!" ejaculated
Bandy-legs, excitedly.

"Is that so, Max? Did you see our friend Toby, here, and go him one
better?" asked Steve.

Max was still smiling broadly.

"You've got me up against the fence, fellows," he admitted. "Caught me
with the goods on, as they say. Yes, it's a fact, I _did_ find
something in that second tough old mussel shell I opened."