That treasure had been turned over to Frank.
Frank had brought his play to New Haven, and his old college friends had given him a rousing welcome.

And now he had made plans to return to college in the fall, while his play was to be carried on the road by a well-known and experienced theatrical manager.
The friends who had been with Frank when he discovered the treasure, with the exception of Toots, the colored boy, had refused to accept shares of the fortune.

Then Merry had insisted on taking them abroad with him, and here they were on the steamer "Eagle," bound for Liverpool.
Toots, dressed like a "swell," was on the pier.

He shouted with the others, waving his silk hat.
The crowd was cheering now: "Beka Co ax Co ax Co ax! Breka Co ax Co ax Co ax! O-----up! O-----up! Parabolou! Yale! Yale! Yale! 'Rah! 'rah! 'rah! Yale!".