"My employer?" stammered Grouch, taken off his guard.

"Yes. Aren't you the confidential secretary of Mr. ——?" Here Holmes mentioned the name of the eminent financier and philanthropist. No one would have suspected, from the tone of his voice, that Holmes was perfectly aware that Grouch and the eminent financier were one and the same person. The idea seemed to please and steady the visitor.

"Why—ah—yes—I am Mr. Blank's confidential secretary," he blurted out. "And—ah—of course Mr. Blank does not know that I have speculated with the bonds and lost them."

"The bonds are—"

"In the hands of Bunker & Burke. I had hoped you would be able to suggest some way in which I could get hold of them long enough to turn them over to young Wilbraham, and then, in some other way, to restore them later to Bunker & Burke."

"That is impossible," said Raffles Holmes. "For the reasons stated, I cannot be party to a criminal operation."

"It will mean ruin for me if it cannot be done," moaned Grouch. "For Mr. Blank as well, Mr. Holmes; he is so deep in the market he can't possibly pull out. I thought possibly you knew of some reformed cracksman who would do this one favor for me just to tide things over. All we need is three weeks' time—three miserable little weeks."

"Can't be done with a safe-deposit company at the other end of the line," said Raffles Holmes. "If it were Mr. Blank's own private vault at his home it would be different. That would be a matter between gentlemen, between Mr. Blank and myself, but the other would put a corporation on the trail of the safe-breaker—an uncompromising situation."

Grouch's eye glistened.

"You know a man who, for a consideration and with a guarantee against prosecution, would break open my—I mean Mr. Blank's private vault?" he cried.