ective laughed.

"There is just one kind of evidence that doesn't count for much in my
profession, and that is a man's word. We look for something a little
more tangible--such as this for example."

He drew from his pocket an envelope, took from it a letter, and handed
it to me. It was a typewritten communication from a firm of brokers in
Washington.

"RADNOR F. GAYLORD, Esq.,
"Four-Pools Plantation, Lambert Corners, Va.

"_Dear Mr. Gaylord_:

"We are in receipt of your favor of April 29th. in regard to the
sale of the bonds. The market is rather slow at present and we
shall have to sell at 981/4. If you care to hold on to them a few
months longer, there is every chance of the market picking up, and
we feel sure that in the end you will find them a good investment.

"Awaiting your further orders and thanking you for past favors,

"We are,
"Very truly yours,
"JACOBY, HAIGHT & CO."

"Where did you get hold of that?" I asked. "It strikes me it's a private
letter."

"Very private," the young man agreed. "I had trouble enough in getting
hold of it; I had to do some fishing with a hook and pole over the
transom of Mr. Gaylord's door. He had very kindly put the tackle at my
disposal."

"You weren't called down here to open the family's private letters," I
said hotly.

"I was called down here to find out who stole Colonel Gaylord's bonds,
and I've done it."

I was silent for a moment. This letter from the brokers staggered me.
April twenty-ninth was the date of the robbery, and I could think of no
explanation. Clancy, noticing my silence, elaborated his theory with a
growing air of triumph.

"This Mose was left behind the night of the robbery with orders to rouse
the house while Radnor was away. Mose is a good actor and he fooled you.
The obvious suspicion was that the ghost had stolen the bonds and you
set out to find him--a somewhat difficult task as he existed only in
Mose's imagination. I think when you reflect upon the evidence, you will
see that my explanation is convincing."

"It isn't in the least convincing," I retorted. "Mose was not acting;
he saw something that frightened him half out of his senses. And that
something was not Radnor masquerading as a ghost, for Radnor was out of
the house when the robbery took place."

"Not necessarily. The robbery took place early in the evening