Frank devoted nearly an hour to his investigation. At the end of that time he informed Mr. Page that he would see the professor and decide upon what they would do at once. He came out upon the street to again look critically over the exterior. He was thoughtful and serious as he stood on the edge of the sidewalk taking in the surroundings.

“Now for the other place,” soliloquized Frank, and he passed down the square until he came to the old stationery store. All the time he had kept a sharp lookout for Slavin and his friend. As he entered the store, however, Frank was satisfied that no one had been following him.

The interior of the stationery store certainly was not very inviting, but Frank was not inclined to form a decision from a superficial inspection. The store was indeed narrow, as he had observed in the morning, but Frank had in view the old warehouse at the rear that the professor had told him about.

The proprietor of the place directed him to this. The present rental was less than half what the people at the other location asked. Frank’s eyes took on a speculative expression as, after crossing a few feet of yard space, he looked into the building that covered waste room at the rear of the store.

“Why, this is simply great!” he told himself a minute later. “This old building is as big as a theatre. What a palace paint and gilt could make of it!”

Frank had entered the stationery store rather cool in his views of the location. He came out of it with some new ideas in his mind. His face was bright and he walked quickly. As he passed the first store he had visited he chanced to glance through its windows.

“Hello!” he ejaculated. “Slavin and his friend were earlier birds than I thought.”

He hurried his steps in the direction of the hotel, but not until he had fully recognized the two men inside the store. They were talking with Mr. Page, its proprietor.

“They must have seen me go in; they must have been watching me clear from the hotel,” mused Frank. “They are after that lease. Perhaps they are now closing their negotiations.”

A queer smile crossed Frank’s face. It was as though some pleasing thought occupied his mind. Then he said, with satisfaction: