condition not surprising, considering everything. The guilt of the defunct president was no longer in doubt; the missing bonds had been advertised and some of them discovered. In every instance they had been used as collateral for large loans, and the belief was current that not less than a million and a half dollars had been realized. Every one connected with the bank had been placed under arrest, and released on heavy bond.

Was he alone in his guilt, or was the cashier his accomplice? Where was the money? The estate of the dead man was comparatively small—a city house on a fashionable street, Sunnyside, a large estate largely mortgaged, an insurance of fifty thousand dollars, and some personal property—this was all.

The rest lost in speculation probably, the papers said. There was one thing which looked uncomfortable for Jack Bailey: he and Paul Armstrong together had promoted a railroad company in New Mexico, and it was rumored that together they had sunk large sums of money there. The business alliance between the two men added to the belief that Bailey knew something of the looting. His unexplained absence from the bank on Monday lent color to the suspicion against him. The strange thing seemed to be his surrendering himself on the point of departure. To me, it seemed the shrewd calculation of a clever rascal. I was not actively antagonistic to Gertrude’s lover, but I meant to be convinced, one way or the other. I took no one on faith.

That night the Sunnyside ghost began to walk again. Liddy had been sleeping in Louise’s dressing-room on a couch, and the approach of dusk was a signal for her to barricade the entire suite. Situated as its was, beyond the circular staircase, nothing but an extremity of excitement would have made her pass it after dark. I confess myself that the place seemed to me to have a sinister appearance, but we kept that wing well lighted, and until the lights went out at midnight it was really cheerful, if one did not know its history.

On Friday night, then, I had gone to bed, resolved to go at once to sleep. Thoughts that insisted on obtruding themselves I pushed resolutely to the back of my mind, and I systematically relaxed every muscle. I fell asleep soon, and was dreaming that Doctor Walker was building his new house immediately in front of my windows: I could hear the thump-thump of the hammers, and then I waked to a knowledge that somebody was pounding on my door.

I was up at once, and with the sound of my footstep on the floor the low knocking ceased, to be followed immediately by sibilant whispering through the keyhole.

“Miss Rachel! Miss Rachel!” somebody was saying, over and over.

“Is that you, Liddy?” I asked, my hand on the knob.

“For the love of mercy, let me in!” she said in a low tone.

She was leaning against the door, for when I opened it, she fell in. She was greenish-white, and she had a red and black barred flannel petticoat over her shoulders.

“Listen,” she said, standing in the middle of the floor and holding on to me. “Oh, Miss Rachel, it’s the ghost of that dead man hammering to get in!”

Sure enough, there was a dull thud—thud—thud from some place near. It was muffled: one rather felt than heard it, and it was impossible to locate. One moment it seemed to come, three taps and a pause, from the floor under us: the next, thud—thud— thud—it came apparently from the wall.

“It’s not a ghost,” I said decidedly. “If it was a ghost it wouldn’t rap: it would come through the keyhole.” Liddy looked at the keyhole. “But it sounds very much as though some one is trying to break into the house.”

Liddy was shivering violently. I told her to get me my slippers and she brought me a pair of kid gloves, so I found my things myself, and prepared to call Halsey. As before, the night alarm had found the electric lights gone: the hall, save for its night lamp, was in darkness, as I went across to Halsey’s room. I hardly know what I feared, but it was a relief to find him there, very sound asleep, and with his door unlocked.

“Wake up, Halsey,” I said, shaking him.

He stirred a little. Liddy was half in and half out of the door, afraid as usual to be left alone, and not quite daring to enter. Her scruples seemed to fade, however, all at once. She gave a suppressed yell, bolted into the room, and stood tightly clutching the foot-board of the bed. Halsey was gradually waking.

“I’ve seen it,” Liddy wailed. “A woman in white down the hall!”

I paid no attention.

“Halsey,” I persevered, “some one is breaking into the house. Get up, won’t you?”

“It isn’t our house,” he said sleepily. And then he roused to the exigency of the occasion. “All right, Aunt Ray,” he said, still yawning. “If you’ll let me get into something—”

It was all I could do to get Liddy out of the room. The demands of the occasion had no influence on her: she had seen the ghost, she persisted, and she wasn’t going into the hall. But I got her over to my room at last, more dead than alive, and made her lie down on the bed.

The tappings, which seemed to have ceased for a while, had commenced again, but they were fainter. Halsey came over in a few minutes, and stood listening and trying to locate the sound.

“Give me my revolver, Aunt Ray,” he said; and I got it—the one I had found in the tulip bed—and gave it to him. He saw Liddy there and divined at once that Louise was alone.

“You let me attend to this fellow, whoever it is, Aunt Ray, and go to Louise, will you? She may be awake and alarmed.”

So in spite of her protests, I left Liddy alone and went back to the east wing. Perhaps I went a little faster past the yawning blackness of the circular staircase; and I could hear Halsey creaking cautiously down the main staircase. The rapping, or pounding, had ceased, and the silence was almost painful. And then suddenly, from apparently under my very feet, there rose a woman’s scream, a cry of terror that broke off as suddenly as it came. I stood frozen and still. Every drop of blood in my body seemed to leave the surface and gather around my heart. In the dead silence that followed it throbbed as if it would burst. More dead than alive, I stumbled into Louise’s bedroom. She was not there!

CHAPTER XVII

IN THE EARLY MORNING

I stood looking at the empty bed. The coverings had been thrown back, and Louise’s pink silk dressing-gown was gone from the foot, where it had lain. The night lamp burned dimly, revealing the emptiness of the place. I picked it up, but my hand shook so that I put it down again, and got somehow to the door.

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