"What about Europe?"

"That is where the danger lies. If he had clever confederates, a large
part of the value of the bonds could be borrowed from a bank, or they
might be sold to unsuspecting buyers on a French or German bourse."

"But this would depend on the publicity you gave their theft."

"Exactly," Percival agreed with some dryness. "I have been trying to
make Mr. Hulton recognize it."

Hulton's tense look softened and he smiled. "Percival seems to have
forgotten that I am a business man. At the inquiry I shirked my duty
by keeping something back, and now he expects me to brand my son's good
name. The money must go. In a sense, it is a trifling loss."

"At last, you put me wise," said Percival. "But to prove that Fred was
innocent you must find the thief."

"That's so. It must be done with skill and tact by the best New York
private investigation man that I can hire. The job's too delicate for
the regular police."

Featherstone, who had been sitting thoughtfully silent, looked up.
"Perhaps it's lucky the wage clerk went into the treasurer's office
after I left, though I spoke to the watchman, Jordan, as I went out."

"No," said Percival sharply. "It wasn't Jordan's week on night-guard."

There was silence for a moment, and then Hulton asked: "Where did you