"Heat No. 1 pulled off at a paddle," commented Dale exultingly.

"The door is open, as I expected," whispered Max, who was too intent upon the work in hand to heed his friend's playfulness. "Now I will light the lantern and we will go upstairs. The door of the manager's room is sure to be locked, but we shall make short work of that."

As Max expected, the door was locked, but they had come provided with tools for all eventualities, and in ten minutes the whole of the bottom panels right up to the framework had been neatly sawn out in one piece. Through the aperture the two lads crept, drawing the bag through after them.

"Heat No. 2 won by a dozen lengths," cried Dale joyously.

The room was a fairly large one, and contained the manager's desk, a really handsome piece of furniture which had been Max's father's, two or three tables, bookcases, a screen, and a large and massive safe.

Max lost no time. Setting Dale to keep watch and ward at the window which commanded a view of the entrance-gates, he placed the lantern on the desk, so that its light fell upon the safe, and then advanced upon it, key in hand. This was the crucial moment. Had Schenk appropriated the money and securities committed to his charge, or were they still there, awaiting the strange midnight visit from their rightful owner? It was, indeed, a strong indictment of the methods of the invaders that the legitimate owner should have to come by stealth at dead of night, while the unfaithful steward could do as he listed in the broad glare of day.

Max's hand trembled, and the lock seemed to stick. Then the lever seemed to jamb, until he feared that, after all, something had happened that would balk him at the last moment. But it was only his momentary nervousness, and the door swung ponderously open at last.

"Well, Max, how goes it?" enquired Dale excitedly, turning to watch his friend as he explored the open safe.

"All's well, I think. It seems full enough."

"Semi-final won by a clear length—eh?" cried Dale in great glee. "Seems a regular walk-over. If we want any real excitement we shall have to go and throw stones at the German guard."