Jacobs sprang up excitedly.

“Why——” he began, but was impatiently interrupted by Bernritter.

“Put the bar of bullion in the saddle-bags, and don’t let any one see you. Then come back here and I’ll explain.”

Jacobs’ face was now reflecting some of the alarm and fear which had been shown in the super’s. He hesitated a moment, then turned, left the office, and hastened back to the laboratory.

He was back in less than five minutes.

“It is done, Bern,” he announced, in a low voice.

Bernritter looked toward the chuck-shanty. The Dutchman, all unsuspicious of the treachery just done him, was still talking with Frieda at the chuck-shanty door.

Bernritter drew a long breath of relief.

“Do you know why McGowan went to Phœnix, Jacobs?” he asked.