s over, they said good-night at the foot of the stairs,
in the Exchange.

"We shall see you in the morning, of course--we leave about ten
o'clock," said Miss Cavendish.

"We shall be gone long before you are awake," answered Croyden. And,
when she looked at him inquiringly, he added: "It's an appointment that
may not be broken."

"Well, till Northumberland, then!" Miss Brundage remarked.

But Elaine Cavendish's only reply was a meaning nod and another
fascinating smile. She wished him success.

As they entered their own rooms, a little later, Macloud, in the lead,
switched on the lights--and stopped!

"Hello!--our wallets, by all that's good!" he exclaimed.

"Hurrah!" cried Croyden, springing in, and stumbling over Macloud in
his eagerness.

He seized his wallet!--A touch, and the story was told. No need to
investigate--it was as empty as the day it came from the shop, save for
a few visiting cards, and some trifling memoranda. The letter and the
money were gone.

"Damn!" said Croyden.

Macloud laughed.

"You didn't fancy you would find it?" he said.

"No, I didn't, but damn! anyway--who wouldn't?"

"Oh, you're strictly orthodox!" Macloud laughed. "But the pity is that
won't help us. They've got old Parmenter's letter--and our ready cash
as well; but the cash does not count."

"It counts with me," said Croyden. "I'm out something over a
hundred--and that's considerable to me now. Anything to show where they
were recovered?"

Macloud was nearest the telephone. He took down the receiver. After a
time he was answered.

"What do you know about our wallets?" he asked.... "Thank you!--The
office says, they were found by one of the bell-boys in a garbage can
on King George Street."

"Very good," said Croyden. "If they mean fight, I reckon we can
accommodate them. Greenberry Point early in the morning."

IX

THE WAY OUT

"I've been thinking," said Croyden, as they footed it across the Severn
bridge, "that, if we knew the year in which the light-house was
erected, we could get the average encroachment of the sea every year,
and, by a little figuring, arrive at where the point was in 1720. It
would be approximate, of course, but it would give us a
start--something more definite than we have now. For all we know
Parmenter's treasure may be a hundred yards out in the Bay."

Macloud nodded. "And if we don't find the date, here," he added, "we
can go to Washington and get it from the Navy Departm