The truth was bad enough, however. Miss Carrington and Miss Cavendish were not in the town, nor anywhere within a circuit of five miles. Croyden, Macloud, all the men in the place had searched the night through, and without avail. Every horse, and every boat had been accounted for. It remained, that they either had fallen into the Bay, or had gone in a strange conveyance. Croyden and Macloud had returned to Clarendon for a bite of breakfast--very late breakfast, at eleven o'clock. They had met by accident, on their way to the house, having come from totally different directions of search. "It's Parmenter again!" said Croyden, suddenly. "It's what?" said Macloud. "Parmenter:--Pirate's gold breeds pirate's ways. The lawyer villain has reappeared. I told you it was he I saw, yesterday, driving the automobile." "I don't quite understand why they selected Elaine and Miss Carrington to abduct," Macloud objected, after a moment's consideration. "Why didn't they take you?" "Because they thought we would come to time more quickly, if they took the women. They seem to be informed on everything, so, we can assume, they are acquainted with your fondness for Miss Carrington and mine for Elaine. Or, it's possible they thought that we both were interested in Davila--for I've been with her a lot this autumn--and then, at the pinch, were obliged to take Elaine, also, because she was with her and would give the alarm if left behind." "A pretty fair scheme," said Macloud. "The fellow who is managing this business knew we would do more for the women than for ourselves." "It's the same old difficulty--we haven't got Parmenter's treasure, but they refuse to be convinced." The telephone rang, and Croyden himself answered it. "Captain Carrington asks that we come over at once," he said, hanging up the receiver. "The Pinkerton men have arrived." They finished their breakfast and started. Half way to the gate, they met the postman coming up the walk. He handed Croyden a letter, faced about and trudged away. Croyden glanced at it, mechanically tore open the envelope, and drew it out. As his eyes fell on the first line, he stopped, abruptly. "Listen to this!" he said. "On Board The Parmenter, "Pirate Sloop of War, "Off the Capes of the Chesapeake. "Dear Sir:--