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man was going down for the third time. He kept cool and, remembering the first aid instruction he had received, took care not to come within reach of the wildly clutching hands. He grasped the woman by the hair and then, keeping behind her, managed to get a grip that did not endanger himself. Had she been able to throw her arms about him, he would have been dragged beneath the surface with her.

Joe struggled toward the Sleuth. It had sped past when he dived, but Frank had quickly brought the craft around and Joe had to swim but a few strokes. Frank throttled down the engine and he was able to give a hand in assisting the woman on board. She was dragged into the boat, dripping and almost unconscious, and Joe clung to the gunwale until Frank grasped his shoulders and hauled him over the side.

In the meantime, the Hardy boys' chums were speeding toward the yacht. The race was forgotten.

Frank and Joe did their best to revive the half-conscious woman. Her immersion in the water and the shock of being face to face with death had left her weakened, and she was moaning and murmuring as she lay on the cushions. Joe gave what first aid he could, moving her arms back and forth to restore circulation,