“It’s hard to decide,” replied Ned. “I’d hate to accuse any one, even when things look as suspicious as they do now. Do you think I ought to tell the police? Perhaps they will arrest both Bill and Noddy on suspicion.”

“You’d have to be a witness against them, and that would not be very pleasant,” suggested Jerry. “Besides their word would be as good as yours in court, and you have no proof. I think the best thing to do is to wait a while. If suspicion points more strongly to Noddy or Bill, then you can come forward and tell what you know.”

“Then I’ll wait a while,” said Ned. “In the meantime we can, all three, have an eye on Noddy and Bill. They may do something or say something that would give us a clue.”

“There’s another thing I don’t believe any of us have thought of,” came from Jerry.

“What’s that?”

“Why, you know, Mr. Nixon, Noddy’s father, owns several shares in Judson’s mill.”

“Are you sure of that?” asked Ned.

“Positive. I heard mother saying something about it the other day. It seems the concern was made a stock company not long ago, and Mr. Judson wanted mother to invest some of her money in it. He remarked at the time that Mr. Nixon had taken ten shares of the stock, and thought it a good investment.”

“That might or might not throw additional suspicion on Noddy,” remarked Ned. “If he knew his father was interested, financially, in the iron mill, he hardly would take money that he knew might cause his father a loss.”

“Well, all this talking don’t bring matters any nearer a solution,” said Jerry, finally. “I think all we can do is to wait and watch.”