The den proved to be the hardware store, and the lion none other than Robert West. Mr. Merrick found the merchant seated at his desk in the otherwise deserted store, and, with a nod, helped himself to the only other chair the little office contained.

"Sir," said he, "I am here to demand an explanation."

"Of what?" asked West, coldly.

"Of your action in the matter of the Almaquo Timber Tract Company. I believe that you falsely asserted to Captain Wegg and Mr. Thompson that the timber had burned and their investment was therefore worthless. The news of the disaster killed one of your confiding friends and drove the other mad; but that was a consequence that I am sure you did not intend when you planned the fraud. The most serious thing I can accuse you of is holding the earnings of the Wegg and Thompson stock—and big earnings they are, too—for your own benefit, and defrauding the heirs of your associates of their money."

West carefully balanced a penholder across his fingers, and eyed it with close attention.

"You are a queer man, Mr. Merrick," he said, quietly. "I can only excuse your insults on the grounds of ignorance, or the fact that you have been misinformed. Here is the newspaper report of the Almaquo fire, which I showed my friends the night of Captain Wegg's sudden death." He took a clipping from a drawer of the desk and handed it to Uncle John, who read it carefully.

"As a matter of fact," continued West, "you are not cutting that portion of the Almaquo tract which this fire refers to, and which Thompson and Wegg were interested in, but the north half of the tract, which they had never acquired any title to."

"I suppose the stock will show that," suggested Mr. Merrick.

"Of course, sir."

"I will look it up."