The newcomer, his back turned to Billy Kane, shrugged his shoulders.

“I had to wait until Merxler went out,” he answered. “I didn’t lose no time after that, an’ I came downtown as fast as I could. I ain’t been much more’n half an hour from Merxler’s to here.”

“Well, all right!” grunted Karlin. “Have any trouble?”

“Nix!” said the other. “I slipped the envelope into the drawer of the safe, all right. It was a cinch! The family was all upstairs.”

Karlin nodded.

“Where are the securities?” he demanded.

The man took what Billy Kane could see were a number of stock and bond certificates from his pocket, and handed them to Karlin.

Karlin nodded again, as he ran through the papers rapidly.

“How much did you leave in the safe?” he inquired crisply.

“What Red told me—about ten or twelve thousand.”