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 examiner’s mind seemed to course and turn and make unexpected dashes hither and thither like a bloodhound seeking a trail. Finally he pushed aside all the notes except a few, which he arranged in a neat pile before him, and began a dry, formal little speech.

“I find, sir, the condition of your bank to be very good, considering the poor crops and the depression in the cattle interests of your state. The clerical work seems to be done accurately and punctually. Your past-due paper is moderate in amount, and promises only a small loss. I would recommend the calling in of your large loans, and the making of only sixty and ninety day or call loans until general business revives. And now, there is one thing more, and I will have finished with the bank. Here are six notes aggregating something like $40,000. They are secured, according to their faces, by various stocks, bonds, shares, etc., to the value of $70,000. Those securities are missing from the notes to which they should be attached. I suppose you have them in the safe or vault. You will permit me to examine them.”

Major Tom’s light-blue eyes turned unflinchingly toward the examiner.

‘‘No, sir,” he said, in a low but steady tone; “those securities are neither in the safe nor the vault. I have taken them. You may hold me personally responsible for their absence.”

Nettlewick felt a slight thrill. He had not expected this. He had struck a momentous trail when the hunt was drawing to a close.

“Ah!” said the examiner. He waited a moment, and