do not notice any difference, sir, though of course I paid little
attention to the fact at the time," replied Dick.

"You went straight into the vault, because I can remember seeing you.
Then my attention being attracted by something this gentleman was saying
I turned my head away, and did not think of you again. Just how long do
you think you were in there on that occasion, Richard?" continued the
cashier, enunciating plainly, as if he wished to impress the seriousness
of the occasion upon the consciousness of the one he addressed.

"I think not more than a few seconds, sir; only long enough to put the
packet on the shelf where Mr. Payson would be sure to see it as soon as
he came in, and place it in the inner safe."

"Yes, I remember, I explained to you that anything placed on that
particular shelf was intended to be lodged in the fireproof safe when
Mr. Winslow had it open. A few seconds, you say, Richard. I wish I could
make sure of that, my boy," and he looked severely at the messenger.

"Did you see that packet again after that?" asked Mr. Graylock, taking a
hand in the examination.

"No, sir. When I carried the books in at the close of business the shelf
was empty, so I guessed Mr. Payson had put it away as soon as he
returned from lunch."

"Oh! you noticed that, did you? Take pains to stick a pin in that, Mr.
Goodwyn, please; the boy was enough interested in that particular packet
to look and see if it was still there! Now, tell me just why you thought
anything about it, boy?" exclaimed Mr. Graylock, scowling as he bent
forward the better to stare into the face of the one under suspicion.

"I don't know why I should, but just happened to remember having placed
it there. The books fit in a rack under that shelf. I suppose it was
only natural for me to remember the incident, and give one look up
there."

"Just so," said the cashier, slowly, as if trying to grasp the tangled
ends to the mystery with which he so unexpectedly found himself
confronted; "you appear to be wondering what all this means, and I will
tell you. That buff envelope contained negotiable securities worth fully
one hundred thousand dollars. I saw them with my own eyes and even
handled them, putting them back with the other papers myself just before
you were called in. I have taken this envelope out of the safe just now,
and when Mr. Graylock scattered the contents on my table the securities
were missing!"

So, that was what had happened