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The introduction to the story proper is developed in a prologue that goes back to the year 1820, when New Orleans was a social center of the New World. John Fulton, a young inventor, has perfected an underwater periscope with which it would be an easy matter to search out sunken treasure on the floor of the ocean. To finance it is his problem. Fate intervenes to save him from disappointment. Just when things look bluest, he makes the acquaintance of Dorothy Morgan, a vivacious heiress to millions. She introduces him to her father, who organizes an expedition for treasure hunting, using for the purpose his private yacht. Armed with an old chart fixing the exact location of a sunken treasure chest, the expedition arrives in the West Indies. The professional diver, who has been brought along, refuses to descend in the shark-infested waters. Young Fulton volunteers, clad in the regulation diving suit, he is lowered to a depth of 14 fathoms. Trapped by the heavy lid of the treasure chest closing on his hands he is held a prisoner at the bottom of the sea. His rescue by Buller, a native diver, who scorns any such contraptions as helmets or rubber suits, is one of the biggest thrills of this picture. The treasure casket is finally opened in the presence of Captain Bob, whose chart gave the clue to its whereabouts. What it contained is one of the pleasing surprises of the picture.