"Paul, you're a wizard, I do believe!" said Jack, after a bit, as he
looked up at his chum.

"Well, I hardly think so. This thing was easy; and ten to one you'd have
thought of it sooner or later. For how could Karl have anything to do
with the bad business while he was up at your uncle's?" laughed the
other, with his customary modesty.

"But if not Karl, then who got my old coins?" persisted Jack, smiling
now.

"Well, I'm not quite ready to say. I've got two ideas I'm chasing after
now. Give me just a little more time on that, will you, old fellow?"
replied the visitor, as he dropped down on a cot, and let his eyes rove
along the exhibit of college colors illuminating the walls.

He drew the little box that held the coins toward him. When Jack was not
observing, Paul took the contents out, one by one, and seemed to be
examining them closely. He even scratched one with his finger nail, and
the result appeared to please him, for he chuckled softly. Evidently he
had made a discovery which he deemed important.

Jack, having finished some little task with which he had busied himself,
came back to his chum.

"See here, Paul," he remarked; "I'm not going to ask you to tell me who
it is you suspect; but do I know him?"