“Because of the publicity on a train,” said Nick. “It would have been exceedingly difficult to steal the portfolio and substitute another without being seen by other passengers. If caught in the act, moreover, escape from a fast-moving train is almost impossible. Crooks shrink from taking such chances. They would have been much more likely to select a safer place for the job.”

“That seems reasonable, chief, after all,” nodded Patsy.

“It convinced me that Garland is right, which eliminates that part of his journey,” Nick continued. “I think he had his own portfolio up to the time he entered the touring car with the two young ladies.”

“But would either of them serve him such a trick?” Chick questioned doubtfully.

“Garland don’t think so,” Nick replied, smiling. “He was very quick to resent a mere suggestion to that effect. He admits having placed the portfolio on the seat, nevertheless, and it may have been then, or during the ride to his apartments, that the substitution was accomplished.”

“By one of the women?”

“Presumably. The chauffeur could not have done it without being detected.”

“But consider their character,” said Chick. “One is the daughter of Senator Barclay. The other——”

“I prefer to consider the circumstances, Chick,” Nick interrupted. “They are much more to the point just now. I will consider the women after having seen them.”

“You say Miss Barclay sat in the front seat?”