odded Frank, quietly. Then he turned to the truckman, and
asked:

"When was Mr. Fearson committed to the asylum?"

"The latter part of May."

"And this bill is dated May 21st. The fellow must have been deranged
then."

"Oh, you can't make that go!" cried Flynn, quickly. "It's no use for
you to try to crawl out of a little hole like that."

"Why have you not claimed the yacht before? Holding this bill, why
didn't you claim it while it was in Benjamin's possession? Answer that
question!"

"I was away--out of the city," faltered Flynn.

"All the time?"

"Most of the time."

"Very well. Here is your bill. I advise you to destroy it without delay,
or it may get you into serious trouble."

"What?" cried the man, angrily. "Destroy it? I'll have that yacht. This
bill gives me the right to it."

"That bill gives you the right to nothing!" came clearly and distinctly
from Merriwell's lips. "Either you have been badly fooled or you are a
rascal trying to obtain property that you have not the slightest claim
upon. It looks as if the latter were the real condition of affairs.
Fergus Fearson is confined in a madhouse, and so he cannot deny that he
ever gave you a bill of sale of this yacht."

"Deny it? Here is his signature!"

"And that may be forgery! I tell you to be careful!"

"It is not forgery! It is genuine! Your bluff will not go, sir! The
yacht is mine, and I will have her."

"Even if the signature is genuine, the bill is not worth the paper it's
written on!" declared Merriwell, with the utmost coolness.

"More bluffing! You are crazy! Why isn't it good?"

"Because it is dated May 21st."

"What of that?"

"The date is exactly four days after John Benjamin purchased and paid
for this yacht, as I can prove by documents in existence. If Fergus
Fearson sold you the _White Wings_ on May 21st, he sold you property
that did not belong to him. That's all, Mr. Flynn."

The claimant of the yacht turned pale and stared at the bill and then at
Frank, who was standing there so coolly before him.

On the deck of the yacht were three boys who had heard the most of the
conversation. Now Hodge exultantly exclaimed:

"That was a body blow! Merry has floored him!"

"That's right," nodded Diamond. "Frank has the best of it, but it did
seem that we were in a scrape."

Flynn gasped for breath.

"I don't believe it!" he cried. "The boat is mine, so don't dare cast
off from this pier."

"The _White Wings_ sails at