d
accepted a loan on the papers, when the risk would be transferred to
the institution.

Still it reflected upon the good name of his bank, even though Mr. Gibbs
might never be compelled by law to redeem their value to the owner.

Of course, Mr. Gibbs had heard all about the letter from the brokers in
Boston, and that matter was easily disposed of, for the cashier had been
in touch with a member of the firm by long distance phone, and learned
that they neither knew of a customer by the name of Morrison, nor had
they ever handled any of the listed missing securities.

Mr. Gibbs was desirous of learning all about the events of that day when
Dick put the packet on the shelf in the vault.

Evidently the cashier had not yet been able to distinctly recall every
little incident that had happened on that occasion, and Mr. Gibbs laid
particular stress upon the fact that besides Mr. Goodwyn, Dick and the
merchant, there had been no one in the bank while the transaction was
going on.

"You are quite positive about that, Richard--you three were the only
ones in the building during that noon half-hour, you say--not another
soul about?" he continued to say, watching the boy keenly.

"Except Mr. Hollister, sir," replied Dick.

The cashier started as if he had been shot, and turned red; he had
apparently quite forgotten that little point, which, after all, might
have some bearing on the explanation of the puzzle.

"Mr. Hollister, you say--one of our best customers, and a man of
unimpeachable honesty; in fact, a director in this bank; surely we
cannot imagine for a moment that he could have anything to do with the
disappearance of these securities!" exclaimed the president, frowning at
Dick.

"Oh! I did not mean that, sir, indeed, I had no thought of such a thing.
Only you asked me if there was any other person in the building during
that half hour when the rest were out to lunch. Mr. Hollister did not
come back of the railing; he only wanted to get change for a large bill,
I believe, sir," returned Dick.

Mr. Gibbs glanced toward the cashier, who immediately nodded.

"The boy is right, though I had really forgotten the circumstance. As I
was the only one present to wait on him I made him the change. It only
took me half a minute, sir," replied Mr. Goodwyn, hastily.

"H'm, at the time he came in you were seated with Mr. Graylock in your
room. I understand?" said the president.

"Yes, sir."

"With the securities still o