ing the high hopes which he had based
on his expected meeting with Ward, he asked:

"Has Ward been here to-day?"

"No," replied the receiver. "He seems to have abandoned the office. I've
been unable to reach him at his home."

"Well, fortunately I've had one of my men trailing him since the day of
the Whitmore murder, so it is unlikely he will get away," said Britz.
"Have you any idea at all as to the condition of the business?"

"Nothing except what I have gathered from questioning the manager of the
office. I didn't learn much from him but his attitude indicated to me
that the business is a complete wreck. South American enterprises seem
to have swallowed up all the resources."

"Has the failure any criminal aspect?" asked Britz.

"Of course, I can't tell as yet," answered the receiver. "But these
cases seldom result in criminal prosecutions. A man like Ward
undoubtedly was advised by shrewd lawyers and the chances are that we'll
find he's kept just within the law."

Just then the unceasing murmur in the hall swelled into a chorus of
profanity in which cries of "What's your hurry?" "You can't get in!"
intermingled. Next, a violent pounding on the door announced the
presence of someone more determined than the others to gain admittance.

Britz opened the door and a tall, stockily built individual forced an
entrance with an authoritative shove of his elbow.

"Where's Mr. Ward?" demanded the visitor. "Has he--" The man paused as,
for the first time, he recognized Britz. "Why, lieutenant, I didn't
expect to find you here," he said.

"Peck!" exclaimed Britz. "What brought you here?"

"The chief sent me. He just got word from Delmore Park that Ward has
skipped."

"What!" An angry frown overspread Britz's features.

"Ward must have known that he was being trailed," pursued the visitor.
"This morning, Grady was hidden in the bushes opposite the house waiting
for Ward to come out. Two men set on him, bound and gagged him and left
him lying on the grass. A passer-by found him half an hour ago and
untied him. Grady telephoned immediately that Ward had made a get-away."

"And the chief sent you down here?" asked Britz.

"Yes. We had got word of the failure and the chief thought I'd better
come down here to look things over."

Here was a new disappointment for Britz. The one man whom he wished to
see above all others, had slipped out of his grasp.

"We've got to act quickly," said Britz, consulting his watch. "