As soon as the yacht came in sight, they stared toward the stern.

“That’s queer,” observed Larry. “I see a life preserver hanging in its regular place. This must be another one!”

The one in the airplane, Dick argued, was “the one”—and the one on the yacht was a substitute.

“But why was it put there?” demanded Sandy.

Dick eyed him with surprise.

“Suspicions Sandy—asking that?” he teased.

“I’m trying not to suspect anybody. Instead of doing that I try to believe everybody’s innocent and nothing is wrong. I’m going to let you do the suspecting.”

“That’s turning the tables on you, Dick,” Larry grinned. Sobering again he turned back to Sandy.

“I think Dick is working out something we may be able to prove,” he argued. “I think I see his idea. Captain Parks was the only one who could open the cabin safe. He is a seaman, and he would know that a life preserver isn’t bothered with except if somebody is overboard or in some other emergency. Supposing that he meant to help some one in America to ‘get away with’ the emeralds——”

“He would tie them to a life preserver and throw them over where somebody he ‘expected’ could get them,” agreed Sandy, with surprising quietness. “Only—a woman threw the life preserver.”