"That's what I mean," Paul returned.

"But he has confessed," Mr. Wheatcroft retorted.

"I can't help that," was the response. "He isn't the man who opened that safe yesterday afternoon at half-past three and took out the letter-book."

The old book-keeper looked at the young man in frightened amazement.

"I have confessed it," he said, piteously—"I have confessed it."

"I know you have, Major," Paul declared, not unkindly. "And I don't know why you have, for you were not the man."

"And if the man who confesses is not the man who did it, who is?" asked Wheatcroft, sarcastically.

"I don't know who is, although I have my suspicions," said Paul; "but I have his photograph—taken in the act!"

V

When Paul Whittier said he had a photograph of the mysterious enemy of the Ramapo Steel and Iron Works in the very act of opening the safe, Mr. Whittier and Mr. Wheatcroft looked at each other in amazement. Major Van Zandt stared at the young man with fear and shame struggling together in his face.