Payson was still trying to soothe the agitated bookkeeper, who was on needles and pins because of this surprising second visit from the man he had believed to be the regular examiner; with Mr. Cheever closeted with the president, and now the cashier called into conference, there seemed to be something in the wind that might reflect upon his capacity as a bank book custodian.

Winslow would have liked easing his mind strain, but he believed it best not to attempt it until events had shaped themselves so that the whole truth could be explained.

Just then Dick's bell rang.

"The Morrison luck again," groaned Mr. Winslow; "now you're going to see and hear the dramatic denouement, while I shall have to be content with taking it second-hand."

When Dick opened the door and entered the room he found the three gentlemen sitting around the table, upon which were numerous papers and packages, as if Mr. Gibbs might have been going over his personal assets to find out just how hard he had been hit by the failure of Graylock.

Both he and Mr. Goodwyn looked pleased, though they tried hard not to show it; as for the bank examiner, when Dick shot a look in his direction, Mr. Cheever gave a very perceptible wink that might stand for a host of things, though Dick knew very well how to interpret it.

The securities had been found!

In some way the detective had managed to gain access to the Graylock house, and his search had not been without its reward; evidently Archibald, never dreaming that any one would suspect him, had not taken the pains to hide the packet beyond thrusting it into his safe.

And that carelessness was fated to be his undoing.

"Richard, have you noticed Mr. Graylock around this morning; he has not been in the bank, but you have gone out several times, I believe?" asked Mr. Gibbs.