while in the vault of the institution.

Mr. Graylock dropped into a seat and waited; if he was agitated, he did
not show it in his face or manner, as yet.

"I have sent for you, Mr. Graylock," began the president, "in connection
with the securities which you brought to this bank some time ago, and
which were strangely missing from the packet which was handed out when
you demanded them."

"Yes," said the other, licking his dry lips, and fixing his small,
rat-like eyes on the face of Mr. Gibbs, as though he would read there in
advance just what the bank official was about to say.

"I understood you to declare, sir, that it was your positive intention
to devote the proceeds of the sale of those securities to bolstering up
your business; and even yesterday you assured me that if they could only
be found you would of course hand them over to the assignee, to be
devoted to the liquidation of your debts. Am I correct in this surmise,
Mr. Graylock?"

The merchant started, and half rose from his chair as a sudden fear
struck him; then he sank back again with a smile, undoubtedly reassured.

"Such was my intention, Mr. Gibbs; indeed, there could now be no other
course open to me. Have you found them, sir; were they mislaid; or did
some one in your employ take them after all, so that you feel disposed
to make their loss good?" and he had the audacity as he spoke to send a
bitter glance in the direction of the bank boy.

The president frowned, and the look of pity that was beginning to steal
over his face vanished.

"Then, sir, I have a piece of news for you that will undoubtedly bring
you great joy. The missing securities have been found, Mr. Graylock!" he
said, emphatically.

"Impossible!" gasped the wretched man, turning still more pallid.

"Not at all, Mr. Graylock, not at all. If you will take the trouble to
cast your eye over these you will find they are all here save one for a
small figure, which somehow was offered for sale in Boston lately, I
believe you said," and as he spoke the president tossed a little package
upon the directors' table, upon which the eyes of the broken-down
merchant were instantly glued with incredulity and horror.

His crime had arisen like a ghost of the past to confront him.

CHAPTER XXV

CONCLUSION

Mr. Graylock half rose from his chair, and bent low over the table to
stare at the documents; then as if unable to believe that his sight told
him the truth he dug his knuckles