It was eleven o'clock on a stormy moonlight night when the _Fortuna_ arrived off the jutting point of the great island. A "black squall," as they call it on the lakes, was blowing down from the Sault Ste. Marie. The scow drove about aimlessly, under very little canvas, and the boat was ready to be lowered, "in case," the Captain said humorously, "of any accident." Close to the end of the point the Captain ordered Pete and Hiram down into the hold. He had shown them beforehand the way to draw the plugs, and had explained that the water would rise very slowly, and they would have plenty of time to get up the companion-ladder long before there was a foot deep of water in the hold. At the last moment Pete hung back a little. The Captain took him quietly by the shoulders, and, without an oath (an omission which told eloquently on Pete), thrust him down the ladder, and told him in his calmest manner to do his duty. Hiram held the light in his hand, and both went down together into the black abyss. There was no time to be lost; they were well off the point, and in another moment the wreck would have lost all show of reasonable probability. As the two miners went down into the hold, Captain Pierpoint drew quietly from his pocket a large hammer and a packet of five-inch nails. They were good stout nails, and would resist a considerable pressure. He looked carefully down into the hold, and saw the two men draw the first plug. One after another he watched them till the fourth was drawn, and then he turned away, and took one of the nails firmly between his thumb and forefinger. Next week everybody at Sarnia was grieved to hear that another of Captain Pierpoint's vessels had gone down off Manitoulin Point in that dreadful black squall on Thursday evening. Both the sailors on board had been drowned, but the Captain himself had managed to make good his escape in the jolly boat. He would be a heavy loser, it was understood, on the value of the cargo, for insurance never covers the loss of grain. Still, it was a fortunate thing that such a delightful man as the Captain had not perished in the foundering of the _Fortuna_. III. Somehow, after that wreck, Captain Pierpoint never cared for the water again. His nerves were shattered, he said, and he couldn't stand danger as he used to do when he was younger and stronger. So he went on the lake no more, and confined his attention more strictly to the "futures" business. He was a thriving and prosperous person, in spite of his losses; and the underwriters had begun to look a little askance at his insurances even before this late foundering case. Some whispered ominously in underwriting circles that they had their doubts about the _Fortuna_.