“What did you say the name of your missing friend was?” the clerk asked them, as the three chums hurried down to his desk.

“Ned Wilding,” answered Frank. “Why?”

“You remember me telling you about that fellow who slipped down the fire escape rope and lost his valise?” the clerk asked. The boys said they did. “Well, we opened it to-day, and the collars are marked ‘N. W.’ I thought it might be a tip for you.”

“Let’s see the things in the satchel,” suggested Fenn.

The clerk showed them to the chums. They had no difficulty in identifying as Ned’s several articles in the valise.

“Then that writing was his, after all!” exclaimed Frank. “Boys, we are on his track.”

“But where can he be?” asked Bart. “We only know he ran away from here. Why did he leave in that fashion? Had he done something he was afraid of?”

“Perhaps he suddenly went—” began Frank, and then he stopped in seeming confusion.

“What were you going to say?” asked Bart.

“Nothing,” Frank replied. “I made a mistake. I think we’d better tell the police about this.”