Well, he could eliminate Podmore for the present. What now? Had he better go down to Ferguson's office and boldly demand from the haughty Miss Williams answers to a few pointed questions, or had he better locate Stiles first and choke the truth out of him? He glanced at his watch. Nat Lawson would be expecting him to call for that letter to Wade and he decided to go there first. After that he would be free to follow his own investigations in his own way.

Nathaniel Lawson was at work in the garden, but went into the house at once for the letter and insisted on Phil going inside for a cigar.

"Now you sit down in that big chair there, Kendrick. I'm the celebrated inventor of a new phosphate drink that ought to hit the spot on a morning like this. Trouble nothing, sir! I was just on the point of mixing one for myself. Make yourself at home, my boy. I won't be long."

Kendrick lounged gratefully in the comfortable leather chair. He had not realized just how hot it was outside until he found himself thus ensconced in the cool interior of what his host had called "the den." A good old scout, Nat Lawson.

Phil had decided it was best to say nothing of his previous evening's experiences, but he had asked where young Jimmy Stiles was working now and learned that the bookkeeper was with the Alderson Construction Company. It was one of Nickleby's "mushroom" concerns and apparently Nathaniel Lawson did not have much respect for any side-line enterprise in which Mr. Nickleby was interested. Phil smiled as he jotted down the address. Nobody who had heard the Lawson side of the situation could blame him for that attitude.

So Stiles worked for the Alderson Construction Company, eh?—the concern that was mixed up in that campaign fund contribution that had been stolen. Question: Had Jimmy Stiles been forced by Nickleby to——? No, that was not tenable because Nickleby would not be trying to steal from himself. Well, he'd soon get the hang of things when he went to see Stiles. It was going to be an interesting little pow-wow with that young man.

Kendrick idly watched the smoke from his cigar sail towards the long box of geraniums on the sill of the open window. He whistled to the canary that swung in a brass cage above the foliage. Then his glance wandered about the room, over the bookcases, the bric-a-brac on the mantel, the——

He sat up in his chair rather suddenly. He stood up and hastily crossed the room for a closer look at a large, attractive photo which hung above the mantel in a silver frame—the photo of a beautiful young woman in a summer dress. The face was unmistakable. He was gazing at the photo of the stenographer in Blatch Ferguson's office—the girl who had listened at the keyhole, who had met Stiles in the park last night and had been attacked by the two strangers, who had taken so much trouble to get rid of her escort by the ruse of the boarding-house! The elaborate coiffure was missing; but those beautiful classic features were the same.

He turned as Lawson entered the room, stepping slowly and carefully, with a tray and two goblets which tinkled with ice.

"I was just admiring that photo in the silver frame, Mr. Lawson. It is a remarkably fine piece of photography. The tones are wonderful. Would you consider it rude if I asked who the young lady is?"