Mr. Lawrence rose from his seat, and on pretense of examining the contents of the open valise, managed to get in between Palmer and the door.

"A man in my employ had charge of the valise for a short time," he said. "He may have opened it."

"Where is he? He must be arrested before he can get away," said Palmer in excitement.

"Ferguson!" called Mr. Lawrence.

The detective, who had of course heard all that had passed, stepped out from the inner room. He assumed the tone of a servant.

"Did you call, sir?" he asked.

"Yes."

"I am at your service."

"This gentleman here claims the valise as his property. He says that some bonds have been abstracted from it. Am I right?"

"Yes," assented Palmer, with a fierce glance at the detective.