"It seems to me," said Bart, "that it is very probable Merriwell will not be with Jack and Hans."
"He may not be," confessed Bruce.
"If he had returned, they would have fired guns and done things to let us know it."
"We might not have heard them."
"We should. The wind is right. We are near the yacht now."
Bruce felt like turning back and making another search. He dreaded to return and report that they had discovered nothing save the name of the missing lad on the headstone of a grave.
All at once they came out of the woods upon the high bank, from which position they could look down into the cove where the yacht lay. There she was, swinging idly with the incoming tide, and on her deck they could see Dunnerwust and Diamond. Merriwell was not in sight.
Almost as soon as they came out of the thick woods, they were seen by Diamond, and he called to them:
"What have you found?"
"Nothing," answered Hodge, gloomily. "Hasn't Frank returned?"