"I can't see it that way," said Tom, quickly. "I will admit that it looks as though Boylan had been in my airship, but as for Peters taking Mr. Damon away--why, Peters is around town all the while, and if he had a hand in the disappearance of Mr. Damon, do you think he'd stay here, when he knows we are working on the case? And would he send Boylan to see me if Boylan had been one of those who had a hand in it? They wouldn't dare, especially as they know I'm working on the case."

"Peters is a bad lot. I'll grant you, though, he was fair enough to pay for my motor boat. I don't believe he had anything to do with taking Mr. Damon away."

"Do you think he was the person who was talking to Mrs. Damon about the papers?"

"No, Ned. I don't. I listened to that fellow's voice carefully. It wasn't like Peters's. I'm going to put it in the phonograph, too, and let you listen to it. Then see what you say."

Tom did this, a little later. The record of the voice, as it came over the wire, was listened to from the wax cylinder, and Ned had to admit that it was not much like that of the promoter.

"Well, what's next to be done?" asked the young banker.

"I'm going to set a trap," replied Tom, with a grin.

"Set a trap?"

"Yes, a sort of mouse-trap. I'm glad my photo telephone is now perfected, Ned."

"What has that got to do with it?"