"Certainly. What is wrong about that?"

"Nothing," said Windsor slowly. "But I don't like your close connection with Macgowan. May I ask what this check is to cover?"

"Of course." Williams, with perfect aplomb, leaned over and drew a second check from the top drawer of his desk. "Here is another check of similar amount drawn to Mr. Slosson. Both are dated April tenth, you will observe. They constitute payment to us for services rendered in placing a stock issue for them."

"What stock issue?" demanded Armstrong crisply.

"That of the National Reduction Company." Williams met his gaze squarely.

"Ten thousand dollars commission, eh? So you're in on the looting too. Whew! You got a fine slice, Williams. Do you happen to have any record of the transaction?"

"I have records showing that we placed this entire stock issue with brokerage houses in Chicago," returned Williams. "But I've no intention of exposing the business of a client to the active enemy of that client. If Mr. Windsor wants to see the records, that's another thing entirely."

"I think I'd like to see them," spoke up Windsor quietly.

Ried Williams touched a button on his desk, and his typist entered. He instructed her to bring the records in regard to the National Reduction stock issue, and she retired.

Armstrong, who had hoped for a moment that they had at last stumbled upon something, immediately perceived that Williams had fortified himself against every contingency. Those two checks had undoubtedly come for services rendered at Wilmington; unless, indeed, they had come as payment for the perjury and fraud which Williams and Slosson were perpetrating in this very affair with Windsor! No matter if Windsor's suspicions were now aroused, the crafty Ried Williams would scrape through.