The Collaborative International Dictionary of English v.0.48:

Fly \Fly\, v. t.
   1. To cause to fly or to float in the air, as a bird, a kite,
      a flag, etc.
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            The brave black flag I fly.           --W. S.
                                                  Gilbert.
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   2. To fly or flee from; to shun; to avoid.
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            Sleep flies the wretch.               --Dryden.
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            To fly the favors of so good a king.  --Shak.
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   3. To hunt with a hawk. [Obs.] --Bacon.
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   4. To manage (an aircraft) in flight; as, to fly an
      a["e]roplane.
      [Webster 1913 Suppl.]

   To fly a kite (Com.), to raise money on commercial notes.
      [Cant or Slang]
      [1913 Webster]