Harvey Cheyne is the son of a wealthy railroad magnate raised (and quite thoroughly spoiled) by his over-indulgent parents. Washed overboard from a transatlantic steamship and rescued by fishermen on the Grand Banks of Newfoundland, the young Harvey cannot persuade them to take him ashore, nor convince them of his wealth. However, the Captain of the We're Here, Disko Troop, offers him a job as part of the crew until they return to port. With no other choice, Harvey accepts.
There follows a series of trials and adventures where the boy learns to adjust to his rough new life, and with the help of his friend, the captain's son, Dan Troop, he makes fine progress. Eventually, the schooner returns to port and Harvey wires his parents. They rush to the fishing town (Gloucester, Massachusetts) and find to their amazement that their child has become an industrious, serious and considerate young man.
Harvey's mother rewards the seaman who initially rescued Harvey. Harvey's father rewards Captain Troop by hiring his son, Dan, to work on his prestigious tea clipper fleet, and is delighted at his son's new maturity and their relationship dramatically improves even as Harvey decides to begin his career with his father's shipping lines.
