"Possibly. But that doesn't fasten the crime on Hardwick."

"It does not. But I look at it in this light. As one of the detectives said, it is possible that somebody stood outside of the rear window and saw you work the combination, but I doubt very much if they could learn the process in that way. There is a glare of light on the window that renders it very difficult to see at all."

"Yes, but----"

"Now wait a moment, please," Hal was growing enthusiastic. "Do you keep the combination written down anywhere?"

"I do not. I gave it to my daughter, Laura, in case something happened to me, and I suppose she has it down, but I do not know."

"Then it isn't likely any one could get the combination unless they watched you?"

"I suppose not."

"Very well. Now, the only persons employed in the office were you, Mr.

Allen, Hardwick, Ferris and myself. I know you and I are innocent. Now, who knew of the bonds being in the tin box?"

Mr. Sumner started.

"By Jove! I never thought of that!"

"Please answer me."

"We all knew of it."

"Did any outsider know?"

"I think not."

"Was the tin box locked?"

"Yes."

"After you placed the bonds in it no outsider heard of their being there?"

"Not unless the others told them."

"Which they would not likely do. Now, tell me, was anything else taken?"

"Not a thing."

"Not even placed out of position?"

"As far as I could see, no."

"Was there any trace of the tin box having been opened?"

Mr. Sumner shook his head.

"Doesn't it seem probable that if the thieves had not been certain of what was in the box they would have opened it, and if they were ordinary fellows that they would have taken something else of value?"

"Hal, you ought to be a detective!" cried the broker, in admiration of the body's logical reasoning.

"I tell you that robbery was committed by somebody who knew all about your private affairs, and was here to obtain the combination of your safe, and _that_ somebody was either Hardwick, Mr. Allen, Ferris, or else the three of them."

CHAPTER XV.

HAL DEFENDS A GIRL.

Hal Carson's face glowed with earnestness as he spoke.

It was easy to see that he was fully convinced of the truth of what he had just said.

"It would seem as if you must be right," replied Mr. Sumner, after rather a long pause.

"You may depend on it I am, sir."

"But to think that of Allen!"

"Many a man in a high position has fallen before now. Did you ever inquire into his financial standing--that is, outside of your business relationships?"

"No."

"Then he may not be as well fixed as you think. Could he use the bonds, if he had them?"

"Yes. They were not registered, and there are several ways in which they might have been worked off."

"You are to dissolve partnership on New Year's Day, I believe?"

"Yes. I am not satisfied with the way matters are running, and I intend to run the place alone as I used to."

"Perhaps the dissolution may bring other matters to light, sir."

"Ha! I never thought of that."

"That is, if Mr. Allen doesn't wipe them out in the meantime."

Mr. Sumner jumped to his feet, and began to walk up and down nervously.

"I understand what you are driving at, Hal," he cried. "Where do you get such keen wit? I never saw your equal in a boy."

"I don't know, sir, unless it may be because I take such a strong personal interest in the matter--a thing that most detectives do not."

"It must be that I must have the books investigated by an expert; I am too old to go over them myself and do the work as it ought to be done."

"I think that would be best, but I would not let Mr. Allen know of it."