"It's as plain as daylight!" cried Tom. "The thief didn't have to open the safe door at all. He simply came in here, removed that board, slid up the back section of the safe, and took out what he wanted."

"And the fellow who did it——" broke in Sam.

"Was either Pelter or Japson," finished Dick.

"Then you think this letter came from——" Tom started to say.

"That young fellow whose life you saved—Barton Pelter," answered Dick.

"By the rudder to Noah's Ark, I think you are right!" burst out Tom. "Why, it's as plain as the nose on your face! Don't you remember how worried Barton Pelter looked when we told him the bonds were missing, and how he asked us at the moving picture show if we had gotten them back yet? More than likely he knew how this safe was fixed—he used to come here, you know, to see his uncle——"

"I believe you're right, Tom," came from Sam, "because if he didn't do it, who did?"

"I think I can make sure of this," returned Tom. "Let us go back to the offices."

Tom had taken possession of one of the desks in the place, and in one of the pigeonholes he had placed a number of letters, including the one received while at college from Jesse Pelter's nephew. This he now brought forth, and compared the handwriting with that of the letter just received.

"It's the same hand," he affirmed. And after an examination the brothers agreed with him.