t tell him much. It stated that
Jackson's business had been satisfactorily transacted in Berlin, but
the Hamburg matter had not been arranged yet. Lascelles had had some
difficulties in Paris, but expected to negotiate a sale.

Foster carefully folded the papers and replaced them in his pocket.
The names were probably false, but they stood for agents of the gang,
whose business was, no doubt, the sale of the stolen bonds. He
remembered Percival, the treasurer's, statement that the securities
might be disposed of on a Continental bourse, and Hulton's reluctance
to advertise their loss. Well, he now had proof that Daly was, at
least, a party to the theft, and ground for believing him to be open to
a more serious charge. The fellow was in his power.

He, however, hesitated a moment before opening the letter to Carmen.
He was half-afraid of finding her to some extent implicated in the
plot; and it was with relief he saw nothing but another envelope inside
the first, which he threw into the fire. The enclosed envelope was
addressed to a man he did not know, and he thought Carmen's part would
be confined to giving it to her father, or somebody else, who would
pass it on. Tearing it open, he found a cheque on an American bank for
a thousand dollars, but the payee's name was different from that on the
cover. Foster put it away and lighted his pipe.

Some of the bonds had obviously been sold and there were a number of
men in the plot, though it was possible that they did not know all
about the Hulton tragedy. Foster understood that one could dispose of
stolen securities through people who would undertake the dangerous
business without asking awkward questions, if the profit were high
enough. Still he thought Graham knew, and this would give him an
incentive stronger than his wish to save the money for trying to get
the letters back. Indeed, Foster imagined that he was now in serious
danger. Graham's run to the telephone had alarmed him.

Nobody came in and by degrees the room across the passage got quiet as
its occupants went away. It was some relief that the noise had
stopped, but Foster liked to feel that there were people about. He was
tired and began to get drowsy as he lounged in front of the fire, but
roused himself with an effort, knowing he ought to keep awake. For all
that, he did not hear the door open, and got up with a start as a man
came in. Then his alarm vanished for Pete stood looking at him wi