At one side of the superintendent's big desk sat a grizzled old chap who had all the earmarks of a salt-sea captain of a matured vintage--side whiskers, smooth brown skin and steely blue eyes that twinkled with merriment. "Gentlemen, I want you to meet Captain Dwight Austin, whom I will further identify a little later," said Brown indicating the fifth man in the room. Deferentially the latter got to his feet and shook hands all around with a crisp "Glad to meet you, boys." Brown indicated chairs and bade the boys be seated. "I have a proposition to make," he offered by way of introduction. "It may not appeal to you, and on the other hand it may." Drawing his chair closer to the table and surveying his auditors intently, the superintendent launched into his subject. "You all know that during the big war many valuable ships were sent to the bottom of the sea by the German U-boats, and that with them went precious cargoes of all kinds measured in wealth that can hardly be estimated. Many of these ships went down in shallow water, where they lie to-day awaiting the time when reconstructive men of all nations can set about the reclamation of this vast treasure that awaits them in the embrace of the briny deep." Jay and Dick glanced quickly at each other, recalling on the instant how only a few days ago they had discussed the same subject on the deck of the _Leviathan_ while observing a floating derelict. "I want to take you all into my confidence at this time," the superintendent was saying, "and if what I have to say does not interest you I must bind you to silence and ask that you say nothing of the matter to anyone. I trust you implicitly and feel that you will gladly acquiesce in the matter." The three lads eagerly agreed to abide by the will of the old yard boss. "All right, then," he went on. "Coming right down to brass tacks, our company is organizing a salvage company to go out after some of these lost ships and their cargoes. We have come into some new and original methods of stalking lost maritime game and have proved these processes by some very satisfactory experiments. Beyond all doubt we are in a position to say that the reclamation of millions of dollars' worth of lost cargoes, to say nothing of the raising of the ships, is a feasible proposition. Not only is it feasible, but we are about ready now to send forth our first salvage ship." Jay stirred in his chair. It was the fulfillment of his hazy dream--the groping for lost ships on the bottom of the sea and the exploration of their battered hulls! "What we want to do is to prove to the government that our ship salvage facilities are all that we claim for them," explained Brown. "It is our purpose to go out and work first on several ships that we have in mind right here on the Atlantic coast. Once we have demonstrated what we can do, we hope to take on government contracts under government auspices. It is all as clear as crystal in our minds."