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"There were three classes of bonds in this issue those payable to bearer; those registered as to principal; and those fully registered, that is where the interest is paid by government check instead of the bonds having coupons. Naturally, under the circumstances, it was the 'payable-to-bearer' bonds that my client wanted." "Well, they're numbered, aren't they?" Meighan returned encouragingly.

Youse know what'll happen if youse play any funny tricks! No guy gets de Gray Seal alive I guess youse are wise ter dat, ain't youse? Now den, over youse go behind dat big chair on de other side of de table!" Meighan, a puzzled look replacing the angry expression on his face, blinked. "What's the lay?" he queried. "I'm expectin' company," grinned Larry the Bat.

"Dat's yer cue, Meighan," called Larry the Bat calmly. "Come out an' take a look at him!" A ghastly pallor spreading over his face, staring like a demented man, as Meighan, rising from behind the lounging chair, advanced toward the table, Virat huddled back in his seat. "Know him?" inquired Larry the Bat. The detective bent sharply forward. "My god!" he exclaimed. "It's no, it can't "

Meighan disappeared suddenly inside an apartment house, which Jimmie Dale recognised as a rather fashionable one, devoted exclusively to bachelors' quarters, Jimmie Dale quickened his step, walked on to the next corner, crossed the street, and came back along the block. As he approached the apartment-house entrance, voices reached him from the vestibule, and then he heard the closing of a door.

Meighan chuckled. "Sure, he'll come back here if he isn't nabbed beforehand! It's the only chance he's got. Don't you worry, Mr. Kenleigh. He's a shy bird, is the Magpie, or he'd have been up the river long before now, but we've got him coming and going this deal. Now then, I haven't got the details from you yet. What time this evening did you get back here before you went out to dine?"

"The fence could dispose of them by the underground route all over the country where the numbers weren't staring everybody in the face. Yes, I guess they could cash in, all right. Or it wouldn't be much of a trick for a good plate-worker to alter a number or two, either the game's big enough. But" Meighan chuckled again "he hasn't got away with it yet!" Kenleigh made no answer.

Larry the Bat, his left hand free again, turned his flashlight upon the detective. "Youse can put yer flippers down now. Mabbe she staked youse ter de tip dat de bonds was here, eh?" "Yes, blast you both of you!" growled Meighan. "Well, dey ain't," said Larry the Bat coolly; "but mabbe, after all, she wasn't handin' youse no steer." Meighan, savage at his own helplessness, snarled his words.

Hesitantly, following the flashlight's directing ray, covered by Jimmie Dale's automatic, Meighan, muttering, made his way across the room, and crouched down behind the back of a large lounging chair. Jimmie Dale leaned nonchalantly against the jamb of the door, the flashlight holding a bead upon the chair.

"Well den, I'll help ter put youse wise. But mabbe I'd better get yer gun first, eh?" As he had done to Meighan, he removed a revolver from Virat's pocket. "T'anks!" he said. He pushed Virat with his revolver muzzle toward the table, and forced the other into a chair. He sat down opposite Virat, and smiled unpleasantly. "Now den, come across! Youse croaked de Magpie ter-night!"

In six months, in as many places, with the length and breadth of the country to choose from, Virat could quite readily dispose of the lot; not quite at the issue price perhaps if he secured loans, but still at a figure that would be very profitable for Virat! Or, as Meighan had suggested, with the aid of a confederate of the right sort, the change of a figure ah!