“The Hound of Heaven!” he cried. “That sounds like good stuff. And who is this young newspaper chap who has drawn the blank? Does he know it yet?”

“He has been very busy and has not yet opened the book,” explained Josie. “I have seen him once and he tells me he has it in his breast pocket and is waiting for an evening off when he intends to untie the hard knot of the ribbon and then try to unravel the cipher. I was sorry not to put him on to the fake, but I felt I had better not take anyone else into our confidence just yet. I’ll set his mind at rest when he finds it out, because, of course, he will feel responsible for it. I am rather hoping Mrs. Markle will be around when he lets me know about it. I like to study her. She is a deep one, for sure.

“Of course,” she continued, “up to this time we have nothing to go upon but suspicion, except that they came in and purloined the notebook. The fact that Mr. McGraw’s friends in New York lost an enamel pin and all their etchings and rugs, etc., and that Mrs. Markle has a pin like the one lost is no proof, but link by link the chain is being forged and, in my own mind, I am sure of them. Of course, I overheard their talk when they were in my shop, and that is enough to settle the matter for me, but it wouldn’t amount to much as evidence. Not even the fact that former initials had been cut out of the napkins would count for much.”

“Well, now, what do you advise?” asked the chief, quite humbly. This girl’s level-headed ingenuity amazed him.

“I advise a very circumspect supervision of the real estate firm of Simpkins & Markle first,” said Josie. “If by hook or crook one could get hold of their books and see where they have done business lately. Do you know Simpkins?”

“Yes, went to school with him—a man of no imagination and perfect honesty—dull though—dull.”

“Any means?”

“Doing well—very well—so I am told, especially since he has gone into partnership with this Markle.”

“You see, if we could get some idea of where their business is located we could spread nets all around and catch the whole bunch of confederates. Have you someone you can trust not to bungle?” Josie looked so solemn and so young the chief had to smile behind his papers.

“Perhaps!” and then the man and the girl put their heads together and step by step traced out their strategic plans.