hard he had been hit by the failure of Graylock.

Both he and Mr. Goodwyn looked pleased, though they tried hard not to
show it; as for the bank examiner, when Dick shot a look in his
direction, Mr. Cheever gave a very perceptible wink that might stand for
a host of things, though Dick knew very well how to interpret it.

The securities had been found!

In some way the detective had managed to gain access to the Graylock
house, and his search had not been without its reward; evidently
Archibald, never dreaming that any one would suspect him, had not taken
the pains to hide the packet beyond thrusting it into his safe.

And that carelessness was fated to be his undoing.

"Richard, have you noticed Mr. Graylock around this morning; he has not
been in the bank, but you have gone out several times, I believe?"
asked Mr. Gibbs.

"Yes, sir. Only an hour ago I saw him going into the store in company
with the gentleman they say is the assignee in charge of the bankrupt
stock."

"Very well; please go over to the store and ask him to come back with
you; if he demurs tell him it is some very important business that has
to be transacted."

"Yes, sir," and Dick was off like a flash.

He never undertook an errand with more animation, and Mr. Winslow,
watching him from the window smiled broadly when he saw what his
destination must be.

There was a man at the door of the big store, who would not let Dick in
until he declared he was the bank boy, and that he had a very important
message for Mr. Graylock.

He found that gentleman in the offices, with several others around him,
going over the books, explaining what the different accounts meant and
looking most abject and forlorn.

Indeed, Dick must have felt sorry for the man in his seeming distress of
mind did he not know that this was but a part and parcel of the deep
plan which Mr. Graylock was pursuing in order to gull the public; no
doubt when at home and free from observation he was in the habit of
shaking hands with himself because of the clever little dodge he had
played looking to provision for the future.

"Mr. Graylock," said Dick, to attract his attention, for he was busily
engaged in dispute with a severe looking gentleman.

When the bankrupt storekeeper looked up and saw who had spoken he
scowled in a most savage manner.

"Well, boy, what do you want here?" he demanded.

"Mr. Gibbs sent me over to bring you back to the bank, sir."

"I'm very busy just