Burke chewed a pencil thoughtfully, jotted down some figures on a piece of paper, and thought some more. "Of course I can't say exactly, but from hints I have received here and there I should think that a safe bet would be that some one has cashed in upward of half a million dollars already."

"Whew," whistled Kennedy, "that's going some. And I suppose it is all salted away in some portable form. What an inventory if must be - good bills, gold, diamonds, and jewellery. This is a stake worth playing for."

"Yes," broke in O'Connor, "but from my standpoint, professionally, I mean, the case is even worse than that. It's not the counterfeits that bother us. We understand that, all right. But," and he leaned forward earnestly and brought his fist down hard on the table with a resounding Irish oath, "the finger-print system, the infallible finger-print system, has gone to pieces. We've just imported this new 'portrait parle' fresh from Paris and London, invented by Bertillon and all that sort of thing - it has gone to pieces, too. It's a fine case, this is, with nothing left of either scientific or unscientific criminal-catching to rely on. There - what do you know about that?"

"You'll have to tell me the facts first," said Kennedy. "I can't diagnose your disease until I know the symptoms."

"It's like this," explained Burke, the detective in him showing now with no effort at concealment. "A man, an Englishman, apparently, went into a downtown banker's office about three months ago and asked to have some English bank-notes exchanged for American money. After he had gone away, the cashier began to get suspicious. He thought there was something phoney in the feel of the notes. Under the glass he noticed that the little curl on the 'e' of the 'Five' was missing. It's the protective mark. The water-mark was quite equal to that of the genuine - maybe better. Hold that note up to the light and see for yourself.

"Well, the next day, down to the Custom House, where my office is, a man came who runs a swell gambling-house uptown. He laid ten brand-new bills on my desk. An Englishman had been betting on the wheel. He didn't seem to care about winning, and he cashed in each time with a new one-hundred-dollar bill. Of course he didn't care about winning. He cared about the change - that was his winning. The bill on the table is one of the original ten, though since then scores have been put into circulation. I made up my mind that it was the same Englishman in both cases.

"Then within a week, in walked the manager of the Mozambique Hotel - he had been stung with the fake International Express money-order - same Englishman, too, I believe."

"And you have no trace of him?" asked Kennedy eagerly.

"We had him under arrest once - we thought. A general alarm was sent out, of course, to all the banks and banking-houses. But the man was too clever to turn up in that way again. In one gambling-joint which women frequent a good deal, a classy dame who might have been a duchess or a - well, she was a pretty good loser and always paid with hundred-dollar bills. Now, you know women are not good losers. Besides, the hundred-dollar-bill story had got around among the gambling-houses. This joint thought it worth taking a chance, so they called me up on the 'phone, extracted a promise that I'd play fair and keep O'Connor from raiding them, but wouldn't I please come up and look over the dame of the yellow bills? Of course I made a jump at it. Sure enough, they were the same counterfeits. I could tell because the silk threads were drawn in with coloured ink. But instead of making an arrest I decided to trail the lady.

"Now, here comes the strange part of it. Let me see, this must have been over two months ago. I followed her out to a suburban town, Riverwood along the Hudson, and to a swell country house overlooking the river, private drive, stone gate, hedges, old trees, and all that sort of thing. A sporty-looking Englishman met her at the gate with one of those big imported touring-cars, and they took a spin.