These tickets were now either sold to individuals or in the hands of the outside speculators.

Who could have stolen the tickets was a mystery, until a slip of paper was handed to Giles, the treasurer, which read:

“Leo Dunbar was hanging around the ticket wagon last night. Better watch and search him.

“A Friend.”

Giles lost no time in acting upon the suggestion given in the note. He ran to the dressing-tent and, finding a key to fit Leo’s trunk, opened it.

A first examination of the contents revealed nothing, but then the treasurer brought to light three heavy strips of red paper, each marked 100—50s.

They were the strips used around bundles of tickets.

This was sufficient proof against Leo for Giles. He told several of the others, including Mr. Lambert, the general manager, and then waited for the boy to come in from his performance in the ring.

Amid a generous round of applause, the young gymnast finished his turn and bowed himself out.

On his appearance in the dressing-tent, Giles at once placed his hand on our hero’s shoulder.

“Consider yourself under arrest, Leo Dunbar,” he said sternly.