hat
Mr. Waldon had discovered which were the bogus and which were the real
circus tickets. He first gave an explanation of the chemical tests he
used. Joe read this hastily, but carefully, then passed to the
conclusions arrived at by the expert, who was an authority on various
kinds of paper, as well as chemicals.

"The ticket I have marked No. 1 is a genuine coupon, issued by your
circus corporation," said Mr. Waldon in his letter. "The slip marked by
me as No. 2 is a counterfeit. You will observe that they both bear the
red ink serial number 356,891.

"If you were a paper expert you would observe that the paper used in
the two tickets is different. There is not a very great difference, and
I am inclined to think that both the genuine and the counterfeit tickets
were made on paper from the same mill, but of a different 'run.' That
is, it was made at a different time.

"The printer who manufactured your tickets bought his paper from a
certain mill making a specialty of this particular kind. Then some one,
who must know something of your financial and business interests, had
the bogus tickets made, and on the same kind of paper. But there is a
slight difference, which I was able to detect by means of chemical
reactions. The coloring matter used varied slightly, though the texture
of the two kinds of paper is almost exactly similar.

"Now, having settled that point, the solution of the remaining equations
of the problem rests with you. I can not tell who had the bogus tickets
printed. You will have to go to the mill making the paper and find out
to whom they sold this kind. In that way you will learn the names of all
printers, using it, and by a process of elimination you will get at the
one who printed the counterfeits.

"This printer may be an innocent party, or he may be guilty. That is for
you and the detectives to determine. I hope I have started you on the
right track. I shall be interested to hear, my dear Mr. Strong, how you
make out in your fire-eating act."

"I'll tell him as soon as I try it on a real audience," said Joe, with a
smile, as he folded the letter. "And so counterfeit tickets have been
rung in on us! Well, I suspected that, since our own men were thoroughly
to be trusted. Now to get at the guilty ones. And I shouldn't be
surprised if I could name one of the men involved. But I'll call a
meeting, and lay this before the directors."

The Sampson Brothers' Show was incorporated and was run stri