Dick nodded. Sandy threw another clog into the nicely developed theory.

“Furthermore, Captain Parks was on the bridge at the time——”

That all fitted in, Dick asserted.

“I am working on the notion that Captain Parks agreed with somebody not on the yacht—to get the emeralds. But he made up his mind to get them all for himself!”

“So he hid them in the life preserver.” Sandy spoke without enthusiasm, making the deduction sound bored and commonplace, although it ought to have been a striking surprise, an exclamatory statement. It would have been, Larry thought to himself, if Sandy had made it. Was the youngest chum jealous of Dick, displeased because it was not his own discovery that led to the hiding place of the jewels—if they were right?

“You thought of the life preserver as a hiding place?” asked Dick.

Sandy nodded.

“Where else?” he argued. “Captain Parks couldn’t get a better or safer place, right in front of everybody and never noticed. If the life preserver was thrown into the sea—it would be recovered.”

“Doesn’t it get you excited?”

“No, Dick! Why should it? I thought of it. But I’m not telling all my ideas, any more. I’m not ‘peeved,’ but I mean to be able to prove this before I accuse anybody again.”