"But his eyes! Oh, can't you see there has been some mistake? His eyes are not the eyes of a thief!"

"There has been no mistake. A most thorough search of the premises has failed to disclose a trace of the missing securities. In his desk from which he took the substituted packet were found several similar envelopes, but these contained only worthless rubbish—newspaper clippings of sporting events and the like.

"No, Miss Ethel, when William Carmody left my house that morning he carried with him those bonds. And he came here, knowing that he was a thief, with his pocket bulging with plunder!

"As I told you, I know nothing of the relations existing between you and my son. I only hope that he has gone forever out of your life, as he has gone out of mine."

The light died out of the girl's eyes and her voice sounded strangely dull as she replied:

"Yes, he has gone out of my life—maybe forever. He came to me here, to tell me that he was going away to make good. And I—I was not big enough to see it. I sent him away with a sneer. Bill is no thief. For what he has been you are to blame—you and the Carmody money. For the first time in his life he has a fair chance. He has left New York the man you made him. He will return the man he makes himself. Oh! If—if I only——"

"There, there, Miss Ethel, your loyalty is admirable, if misplaced——"

"Don't speak to me of loyalty! I have been as narrow and as mean as—as you have!"

"My dear girl, you are overwrought. The sooner we learn that William Carmody has ceased to exist the better it will be for both of us. I bid you good-night."

The girl sank into the depths of her big chair and watched the sputtering little jet-flames lick futilely at the artificial logs of the fireplace. Believing herself alone, she was startled by the sound of footsteps hurrying noisily across the room. The next instant a tousle-headed boy with eyes ablaze was at her side working her hands like pump-handles.