“The way he acts. He’s letting things drag terribly. I don’t understand Holbrook, and that’s a fact. The time for prompt action was right after the robbery,” declared Eric. “Then everything was fresh and the trails were clear. It wouldn’t have been any trick at all to catch the thief then; but nearly a month has gone by and not a clew uncovered. We’re as far from the truth as ever.”

“Mr. Holbrook can hardly afford to make a failure of the case,” said Phoebe, using the well-worn argument doubtfully.

“It appeared to me that way, at first, especially as he seemed so cocksure of himself,” returned young Spaythe. “But he once made a remark to father that I’ve not forgotten. He said his reputation would be injured unless Toby Clark’s guilt was proved or—he found the guilty party. I don’t like that alternative, Phoebe. Do you know, I’ve an idea that Holbrook believes Toby is guilty?”

“I’ve had that idea from the first,” declared Phoebe with eagerness. “I was in his office when your father came to him with the news of Toby’s arrest, and I watched Mr. Holbrook carefully. Even at that time I could see he doubted Toby’s innocence, or else—or else—”

“Or else what, Phoebe?”

“Or else he knows who took the box and is willing to have Toby accused.”

Eric stared at her wonderingly.

“That’s a good deal to accuse the fellow of,” he said. “I think our first guess is right, and in that event Toby is in a bad way. If Holbrook believes him guilty he won’t make any honest effort to find out who took the box. He’ll just let Kellogg prove his case. Then Holbrook will say he did the best he could but that no one could clear a guilty person. Most people will accept that sort of a statement and Holbrook may be depending upon it to save himself. That’s why he’s putting us off and taking things easy.”

“But they can’t prove Toby guilty!” protested Phoebe, who knowing in her heart the boy was innocent, had clung to the belief as her best anchorage.

“I’m not sure of that,” said Eric, gravely shaking his head. “It’s pretty strong evidence, Phoebe, and I don’t believe it’s safe to let the case go to trial just as it stands.”