The typewritten sheet of the letter from Mr. Waldon enclosed two of the engraved circus coupons. They fluttered to the floor of Joe's private tent as he tore open the envelope.
"Well, either he has discovered something, or he has sent them back and given up," mused the young magician. "Let's see what he says."
Joe quickly took in the contents of the letter. In effect it stated that Mr. Waldon had discovered which were the bogus and which were the real circus tickets. He first gave an explanation of the chemical tests he used. Joe read this hastily, but carefully, then passed to the conclusions arrived at by the expert, who was an authority on various kinds of paper, as well as chemicals.
"The ticket I have marked No. 1 is a genuine coupon, issued by your circus corporation," said Mr. Waldon in his letter. "The slip marked by me as No. 2 is a counterfeit. You will observe that they both bear the red ink serial number 356,891.
"If you were a paper expert you would observe that the paper used in the two tickets is different. There is not a very great difference, and I am inclined to think that both the genuine and the counterfeit tickets were made on paper from the same mill, but of a different 'run.' That is, it was made at a different time.
"The printer who manufactured your tickets bought his paper from a certain mill making a specialty of this particular kind. Then some one, who must know something of your financial and business interests, had the bogus tickets made, and on the same kind of paper. But there is a slight difference, which I was able to detect by means of chemical reactions. The coloring matter used varied slightly, though the texture of the two kinds of paper is almost exactly similar.
"Now, having settled that point, the solution of the remaining equations of the problem rests with you. I can not tell who had the bogus tickets printed. You will have to go to the mill making the paper and find out to whom they sold this kind. In that way you will learn the names of all printers, using it, and by a process of elimination you will get at the one who printed the counterfeits.
"This printer may be an innocent party, or he may be guilty. That is for you and the detectives to determine. I hope I have started you on the right track. I shall be interested to hear, my dear Mr. Strong, how you make out in your fire-eating act."
"I'll tell him as soon as I try it on a real audience," said Joe, with a smile, as he folded the letter. "And so counterfeit tickets have been rung in on us! Well, I suspected that, since our own men were thoroughly to be trusted. Now to get at the guilty ones. And I shouldn't be surprised if I could name one of the men involved. But I'll call a meeting, and lay this before the directors."
The Sampson Brothers' Show was incorporated and was run strictly on business lines. There was a board of directors who looked after all business matters, and Joe was soon in consultation with them, laying before them Mr. Waldon's letter and the two marked tickets.