tgage bonds of a thousand dollars each,
two government bonds of five hundred dollars each, some bank bills, and
miscellaneous securities."

"You don't mean it? And you placed them there?"

"I did, and I am willing to swear to the statement. I demand of you,
sir, where they are."

Mr. Lawrence rose from his seat, and on pretense of examining the
contents of the open valise, managed to get in between Palmer and the
door.

"A man in my employ had charge of the valise for a short time," he
said. "He may have opened it."

"Where is he? He must be arrested before he can get away," said Palmer
in excitement.

"Ferguson!" called Mr. Lawrence.

The detective, who had of course heard all that had passed, stepped out
from the inner room. He assumed the tone of a servant.

"Did you call, sir?" he asked.

"Yes."

"I am at your service."

"This gentleman here claims the valise as his property. He says that
some bonds have been abstracted from it. Am I right?"

"Yes," assented Palmer, with a fierce glance at the detective.

"He charges me with having opened the valise, and taken them."

"What does he say to that?" demanded Palmer in excitement.

"It is true," said Ferguson, calmly.

"You hear?" said Palmer. "Give me back those bonds, you scoundrel, and
I may let you go free. Otherwise I will have you arrested, and you can
guess what will follow. Don't let the fellow escape!" he added quickly,
as the detective edged towards the door.

Lawrence upon this went to the door and locked it.

"What have you to say for yourself?" he demanded, turning to Ferguson.

"Only that I am a detective, and that I am specially deputed to search
for and recover the bonds stolen from Philo Carver of Elmira, yesterday
afternoon. I have reason to think I have found them."

"Duped!" exclaimed Palmer, sinking into a chair in dismay.

"Yes, Mr. Palmer, it looks like it. There is one article missing, a
gold watch and chain."

"I don't know anything about them."

"We may find some one who does. Fred!"

At the summons the train boy stepped out from the inner room, followed
by Frank Hamblin.

At sight of his late room-mate Palmer first showed surprise, and then
anger.

"Did you put up this job on me?" he asked fiercely.

"It seems that you put up a job on me," said Fred, quietly. "The watch
was found in my bundle."

"Yes, that was to be your share," answered Palmer maliciously.
"Gentlemen, I suppose I shall have to surrender at