"Were the bonds negotiable?" Foster asked. "Could they be easily sold?"
Percival, who was about fifty years of age and had a reserved manner, answered: "Some were bearer bonds, and, if the thief acted quickly, would be as good as cash. Most, however, were registered stock, and it is probable that he would be afraid to sell them in Canada or America. The transfers would require to be forged."
"What about Europe?"
"That is where the danger lies. If he had clever confederates, a large part of the value of the bonds could be borrowed from a bank, or they might be sold to unsuspecting buyers on a French or German bourse."
"But this would depend on the publicity you gave their theft."
"Exactly," Percival agreed with some dryness. "I have been trying to make Mr. Hulton recognize it."
Hulton's tense look softened and he smiled. "Percival seems to have forgotten that I am a business man. At the inquiry I shirked my duty by keeping something back, and now he expects me to brand my son's good name. The money must go. In a sense, it is a trifling loss."
"At last, you put me wise," said Percival. "But to prove that Fred was innocent you must find the thief."
"That's so. It must be done with skill and tact by the best New York private investigation man that I can hire. The job's too delicate for the regular police."
Featherstone, who had been sitting thoughtfully silent, looked up. "Perhaps it's lucky the wage clerk went into the treasurer's office after I left, though I spoke to the watchman, Jordan, as I went out."