“Why, to be sure. I was confident that, with his infernal cleverness, he’d think of the yacht when he found that Anna had gotten the securities.”

“Ah! So you admit the cracking of the safe now?” Farbush leaned toward the younger man, and his thin lips curled back from his teeth. “You denied it strongly enough upon the night that it was done.”

“I still deny it,” answered Forrester. He seated himself beside the table and began gathering up the securities. “In fact I don’t mind admitting that such a neat and effective job is entirely beyond me.”

Hong Yo and Farbush exchanged glances.

“The securities were locked in the safe,” said Hong Yo. “And you admit that Anna took them; then she—or you—must have forced the safe.”

“Your conclusion is natural enough,” replied Forrester, “but is scarcely correct. Anna did get the securities, as I said, but not from your safe,” to Farbush.

“No,” said the girl, “from Dallas Gilbert.”

The two men started, but said nothing; Forrester smiled.

“You will be astonished to hear, I feel sure, that Dallas and Kenyon have established a sort of co-partnership in this matter of ours. He was on the premises upon the night the safe was opened; in fact, I’m quite convinced that it was he that did the opening.”

There was a moment’s silence; then Hong Yo said: