“Arresting Bernard? What on earth has he been doing?”

“I have found some of the bonds taken from Murdock & Co. in his possession.”

Mr. Stackpole looked the picture of amazement.

“Well, that beats me!” he exclaimed. “Where did you get them, Bernard?”

“A young man in an ulster gave me the portmanteau which contained them, and asked me to keep them for him.”

“That’s straight. I saw the young man myself, and I saw the portmanteau in his hand. He landed at Newburg; I saw him on the wharf.”

“Yes.”

“Why did he land without them?”

“I don’t know.”

“A part of the bonds were found in the portmanteau—a little less than one-third,” said the detective. “The rest——”