With revolver close at hand, Stuart unlocked the desk drawer. He opened it and found a cardboard box. This, he believed, was the object that contained the package of envelopes.

Opening the box, Stuart discovered a packet that looked very much like the one which Mayo had exhibited. He raised the loose flap of the first envelope and drew out a sheet of paper. It was entirely blank.

Replacing the paper, Cliff tried the second envelope with the same result. Each succeeding envelope had similar contents. All blank!

Was this the packet that Sherwood Mayo had shown? If so, the millionaire's statement had been correct. It must be the wrong packet.

It was also possible that the original packet had been taken away, and this one left instead. Why?

The envelopes were in Stuart's left hand. His right hand, resting on the desk, touched the handle of the revolver. Stuart's eyes were staring at the green blotter on the desk, his mind completely centered on the puzzling problem that confronted him.

It was instinct that told Stuart someone was approaching. In a flash, his hand seized the gun, and he whirled to ward off approaching disaster.

Even before his masked eyes could observe the menace — before he could level his gun, Stuart received the full attack of an antagonist.

A white-clad form sprang from a few feet away. An arm twisted itself about Stuart's neck. A quick, sweeping hand clutched the revolver and flung it across the room.

Grimly, Stuart locked himself in the struggle. He knew almost immediately that he had to contend with Louie, the Filipino. The servant must have heard him downstairs, and made a stealthy approach. This fight at close quarters was to Stuart's liking. He gripped the man's body with his strong hands, and sought to obtain a dominating hold.