oad or in some
mighty safe place."

"Our hands are tied without him," muttered Judson, "and if I don't get
that code I don't stand a chance of landing that big steel contract with
the foreign power I have been dealing with."

"I'm afraid not," rejoined Jarrow. "I saw their representative in
Washington and told him what I had learned. His answer was, 'no code, no
contract.' I'm afraid you were foolish in using that promise as a means
to try to land the deal."

"I had my thumb on the man who would have stolen it for me at the time,"
rejoined Judson, "but he was discharged for some minor dishonesty before
I had a chance to use him."

"The thing to do is to locate this Captain Simms."

"Evidently, you must do your best. The wind has died down and I guess
we'll stop at the hotel till to-morrow. Anyhow, it's too long a sail
back to-night. Come on, Donald; come, Jarrow." The bench creaked as they
rose and made off, turning their footsteps toward the hotel.

Not till they had gone some distance did the boys dare to speak, and
even then they did not say much for a minute or two. The first
expression came from Jack. It was a long, drawn-out:

"We-e-l!"

"And so that is the work that Captain Simms has been doing in that
isolated retreat of his," exclaimed Billy.

"And these crooks have just had the blind luck to tumble over him,"
exploded Noddy. "Just wait till they take a look at the hotel register."

"Maybe by the time they enter their names the page will have turned,"
suggested Billy.

"No," rejoined Jack, "our names were at the top of the page and there
would hardly have been enough new arrivals after us at this time of
night to have filled it since."

"We must find Captain Simms at once and tell what is in the wind,"
decided the young wireless man a moment later. "I guess the instinct
that made us follow Jarrow was a right one."

"I wonder how the rascal became acquainted with Judson?" pondered Billy.

"Mixed up with him in some crooked deal or other before this," said
Noddy.

"I shouldn't wonder," said Jack.

They began to walk back to the hotel. They did not enter the lobby by
the main entrance, for the path they followed had brought them to a side
door. They were glad of this, for, screened by some palms, they saw,
bending intently over the register, the forms of the three individuals
whose conversation they had overheard.

CHAPTER VII.

THE NAVAL CODE.

"Now that you boys know the nature