This was done without waste of time, and then Merriwell led the way into the bank.

Business in the bank was soon concluded, and when Frank again reached the pier at the foot of Taylor Street, having in his pocket a paper that showed he had paid one thousand dollars for the yacht Greyhound, seven boys were there to greet him.

Jack Diamond started in to grumble, but Frank cut him short.

“Not a word!” he said, sharply. “All who wish to go with me without question are welcome; any who do not wish to do so are at liberty to remain behind.”

As he spoke he was eagerly looking for Lord Stanford’s yacht, which was gone from its place of anchorage. An expression of great satisfaction, of positive joy, escaped his lips when he saw far out toward the Golden Gate a sloop-rigged craft that he believed was the Englishman’s boat.

“Thank goodness the breeze has fallen!” he muttered. “She has not been able to get out of the harbor.”

Three minutes later Frank had bargained with a boatman to set the whole party on board the Greyhound.

This was not necessary, however, for he discovered the small boat beside the pier, Chandler having come off in it.

However, as the bargain was made, the man took off all but three of the boys. Frank, Bart and Barney used the small boat.

Frank was wondering at the non-appearance of the former owner of the yacht, as Chandler had stated he would be on hand to see if there was any of his personal property on the Greyhound that he wished to take away.