"Say," he ejaculated, "that explains it!"

"What?" we asked in chorus.

"Why, one of my best stool-pigeons told me to-day that there was
something doing at a house in the Chatham Square district that we
have been watching for a long time. It's full of crooks, and to-day
they've all been as drunk as lords, a sure sign some one has made a
haul and been generous with the rest. And one or two of the
professional 'fences' have been acting suspiciously, too. Oh, that
explains it all right."

I looked at Craig as much as to say, "I told you so," but he was
engrossed in what O'Connor was saying.

"You know," continued the police officer, "there is one particular
'fence' who runs his business under the guise of a loan-shark's
office. He probably has a wider acquaintance among the big criminals
than any other man in the city. From him crooks can obtain anything
from a jimmy to a safe-cracking outfit. I know that this man has
been trying to dispose of some unmounted pearls to-day among
jewellers in Maiden Lane. I'll bet he has been disposing of some
of the Branford pearls, one by one. I'll follow that up. I'll
arrest this 'fence' and hold him till he tells me what yeggman came
to him with the pearls."

"And if you find out, will you go with me to that house near Chatham
Square, providing it was some one in that gang?" asked Craig eagerly.