"There is just one kind of evidence that doesn't count for much in my profession, and that is a man's word. We look for something a little more tangible—such as this for example."

He drew from his pocket an envelope, took from it a letter, and handed it to me. It was a typewritten communication from a firm of brokers in Washington.

"Radnor F. Gaylord, Esq.,

"Four-Pools Plantation, Lambert Corners, Va.

"Dear Mr. Gaylord:

"We are in receipt of your favor of April 29th. in regard to the sale of the bonds. The market is rather slow at present and we shall have to sell at 98¼. If you care to hold on to them a few months longer, there is every chance of the market picking up, and we feel sure that in the end you will find them a good investment.

"Awaiting your further orders and thanking you for past favors,

"We are,

"Very truly yours,

"Jacoby, Haight & Co."

"Where did you get hold of that?" I asked. "It strikes me it's a private letter."

"Very private," the young man agreed. "I had trouble enough in getting hold of it; I had to do some fishing with a hook and pole over the transom of Mr. Gaylord's door. He had very kindly put the tackle at my disposal."

"You weren't called down here to open the family's private letters," I said hotly.

"I was called down here to find out who stole Colonel Gaylord's bonds, and I've done it."

I was silent for a moment. This letter from the brokers staggered me. April twenty-ninth was the date of the robbery, and I could think of no explanation. Clancy, noticing my silence, elaborated his theory with a growing air of triumph.

"This Mose was left behind the night of the robbery with orders to rouse the house while Radnor was away. Mose is a good actor and he fooled you. The obvious suspicion was that the ghost had stolen the bonds and you set out to find him—a somewhat difficult task as he existed only in Mose's imagination. I think when you reflect upon the evidence, you will see that my explanation is convincing."

"It isn't in the least convincing," I retorted. "Mose was not acting; he saw something that frightened him half out of his senses. And that something was not Radnor masquerading as a ghost, for Radnor was out of the house when the robbery took place."