ty per cent."

"Twenty per cent.!" cried Allen. "Is he crazy?"

"He says he will run a big risk."

"Any more than Hardwick and I ran in obtaining them?"

"No, indeed. Perhaps you can make him come down."

"I certainly shall. Hardwick hasn't shown up, has he?"

"No. Do you expect him?"

"Yes."

"Is it prudent? Old Sumner may have his detectives around."

"I thought of that, and wrote to Hardwick about it. Hereafter he will
disguise himself, and----"

Hal heard no more. The front door opened, and a stranger hurried in.

CHAPTER XXVII.

HAL PLAYS A DARING PART.

Hal lost no time in confronting the new-comer.

"Is Mr. Parsons in?" asked the stranger.

"Yes, sir."

"Tell him Mr. Samuels is here."

"I will, sir."

Hal walked back, and knocked on the rear office door.

"Come!" said Allen.

"A Mr. Samuels to see Mr. Parsons," said the youth.

"Show him in."

Mr. Samuels was conducted to the rear office, and once more the door was
tightly closed.

Hal was slightly disturbed. Had the new-comer caught him listening in
the back, or had he taken no notice?

The only way to learn was to remain where he had been before, and this
the youth did.

"Well, Samuels, on hand I see," said Parsons. "Mr. Allen just came in."

"Then we can come to business without delay," replied Samuels.

He was a small-faced Jew, with eyes that appeared to be more than half
closed. As he spoke, he drew up a chair close to where the other two
were sitting.

"Say," he went on. "Who is the young fellow outside?"

"Our new clerk."

"Can you trust him?"

"I think so. Why?"

"He might overhear what was said."

"He won't if you don't talk too loud."

"Very well."

"Hold on," put in Allen. "Parsons, send him off to mail some letters."

The junior partner at once walked outside, and, taking up a bunch of
letters, handed them to Hal.

"Mail these," he said. "And then you can go to lunch."

"Yes, sir."

Hal at once put on his overcoat and hat, and walked out with the
letters. He wished he could have remained in the office, for he felt
certain the conversation about to ensue would be a most important one.

He dropped the letters into the nearest box, and then stood undecided
what to do next.

"Mr. Allen has those bonds, that's certain," he said to himself. "I
wonder if it would do any good to notify the police?"

But this plan did not appear to be just the right one. If arrested,
Allen would, of course, de