“Who by?”

“Parker Flynn!” cried Jack Diamond.

“Why, the fellow is dead—drowned,” said Browning.

“Not much! He is alive, and he has that yacht. That drowning business was a trick. Find Parker Flynn, and you will find the White Wings.”

“I will find them both,” declared Merriwell, with quiet determination. “Parker Flynn shall not escape me a second time!”

“How can you follow him?” asked Bart.

“I will follow him if I have to fly!”

All knew Merriwell was in earnest.

Frank determined to make sure the yacht was stolen, and so he searched around till he found a boat that he could use. He and Diamond got in and rowed off into the fleet of yachts. They could see nothing of the White Wings, and, as they were rowing about, they were hailed from another yacht.

“What are you chaps looking for?” asked a voice.