“You win. I didn’t think Miss Fairaday could bring out the writing. I suppose this means prison for me. I’m ready to leave whenever you say.”

“Why did you do it?” Madge asked. “Can’t you explain?”

For the first time, the chemist appeared slightly ashamed.

“It’s a long story,” he said slowly. “Mr. Fairaday and I never clicked very well. He didn’t trust me and I resented it. At first I helped him with his rust prevention experiments, then he began to work in secret. I guessed that he had made an important discovery. I watched him and learned that he had written the formula in that book.”

He indicated the dismantled “Kim,” smiling wryly.

“Before I had a chance to read the formula, Mr. Fairaday discharged me. I found another job. Then three months ago I lost it. I thought I’d develop a rust prevention formula of my own because I was hard up for money. I found I couldn’t do it. Then I read of Mr. Fairaday’s death and knowing that he had never done anything with his formula in a commercial way, I decided to come here and see if I could get it. You know the rest.”

“Then you were the one who entered the house that night?” Anne demanded. “You were searching for the book.”

“Yes, I wasn’t after the silver. I took that merely to throw you off the track. I’m not a common thief. I don’t know what made me try to steal the formula. When a fellow’s down and out—broke—well, I guess things look different.”

Anne, Madge and Jack held a private conference. Presently, Anne turned again to Clyde.

“I’ve decided not to testify against you,” she said. “I’m sure Father wouldn’t want me to. I have the formula and that’s all that really matters. I believe you’re sorry for what you did.”