"I believe I do," replied Bob, after thinking a moment. "If my memory serves me, the treasurer himself was suspected of having a hand in it—that is, in the loss of the bonds; but they couldn't prove anything against him."

"Of course, they couldn't," said Mr. Warren, indignantly. "The missing papers are right here. I never did believe in his guilt, for I have known him for years, and I never saw the least thing wrong with him. He is under a cloud now, but it will break away as soon as your exploit becomes known through the country. You have rendered him a most important service, if you did but know it."

"I am glad that we have been of some use in the world," said Bob.

"Well, that was what you were put here for, wasn't it? How much do you think these things are worth?" said Mr. Warren, as he put the various packages back into the valise.

The boys couldn't tell; but they remembered now that the thieves had taken a good deal of property out of Hammondsport on the night of their raid, and Tom and Bob thought that perhaps they had secured as much as forty or fifty thousand dollars' worth.

"You boys don't know much," replied Mr. Warren. "That valise, just as it stands, couldn't be bought for a cent less than a hundred and fifty thousand dollars. The bonds and securities are worth a pile of money, I tell you; and there must be two or three thousands in greenbacks in there, to say nothing of the watches. Boys, you have done something to be proud of; and it's a lucky thing for Tom and Bob that they did not try to find out where the howls that frightened them came from. The robbers were at home then, and if they had not succeeded in driving you away, they would have shot you down without ceremony."

"Then we had a perfect right to take that grip-sack, didn't we, Mr. Warren?" said Joe, whose mind was not quite easy on that score.

"I should say you had," replied Mr. Warren, with a laugh. "You have made yourselves wealthy, too, for you are fairly entitled to the reward."

"Well, what are we going to do about arresting those thieves?" said Tom.