contained two U. S. Government bonds of five hundred dollars
each, and miscellaneous securities all together amounting to three
thousand dollars more.

"A very clever capture on my word!" said Ferguson. "Really, Mr.
Lawrence, you have beaten me in my own line."

"I am entitled to no credit. It belongs to the boy who identified the
valise. I assure you the wrong bag was given me at the Clifton most
fortunately. I am content to lose the few articles which my own
contained for the sake of recovering my uncle's property. It really
seems like an interposition of Providence."

"I suspect the thief will feel very ill-satisfied with the exchange. I
wonder what he will do about it."

There was little chance for speculation on this point. There was a
knock at the door, and a hall boy put in his head.

"There is a gentleman below who wishes to see you, Mr. Lawrence," he
said. "Here is his card."

Mr. Lawrence took from his hand a card on which had been written the
name

F. GRANT PALMER.

"That is the man, Mr. Lawrence," exclaimed Fred in excitement. "He has
come for his valise."

"Bring Mr. Palmer up in about five minutes," said Lawrence; "not
sooner."

"All right, sir!"

"Now let us repack the valise," said the detective. "I always carry a
large bunch of keys with me, and shall probably find one that will
relock it."

The shirts, socks, and other articles which had been taken from the bag
were carefully replaced, and Ferguson, as he had thought probable,
found a key which fitted the lock. Then the valise was laid carefully
on the sofa.

"Mr. Palmer must not see us, and particularly the train-boy," said the
detective, "or he will think something is up. Where can you conceal
us?"

"There is a bedroom attached to the apartment," said Lawrence. "Go in
there, all of you, and remain till I call you. You can leave the door
ajar, as you will probably be curious to hear what goes on between us."

"Capital! Couldn't be better!"

Ferguson, followed by the two boys, entered the smaller room, and
waited impatiently for the entrance of Palmer.

A knock was heard.

"Come in!" Lawrence called out lazily.

The door opened, and F. Grant Palmer entered, carrying in his hand a
valise which seemed to be a fac-simile of the one lying on the sofa.
Palmer's quick eye caught sight of it as he entered the room.

"Pardon me for my intrusion!" he said suavely, "but I believe we
exchanged valises--at the Clifton--this morning."