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“What was the character of the forgeries?” asked Kennedy.

“They seem to have been of two kinds. As far as we are concerned it is the check forgeries only that interest the Surety Company. For some time, apparently, checks have been coming into the bank for sums all the way from a hundred dollars to five thousand. They have been so well executed that some of them have been certified by the bank, all of them have been accepted when they came back from other banks, and even the officers of the company don’t seem to be able to pick any flaws in them except as to the payee and the amounts for which they were drawn. They have the correct safety tint on the paper and are stamped with rubber stamps that are almost precisely like those used by the By-Products Company.

“You know that banking customs often make some kinds of fraud comparatively easy. For instance no bank will pay out a hundred dollars or often even a dollar without identification, but they will certify a check for almost any office boy who comes in with it. The common method of forgers lately has been to take such a certified forged check, deposit it in another bank, then gradually withdraw it in a few days before there is time to discover the forgery. In this case they must have had the additional advantage that the insider in the company or bank could give information and tip the forger off if the forgery happened to be discovered.”

“Who is the treasurer of the company?” asked Craig quickly.

“John Carroll – merely a figurehead, I understand. He’s in New York now, working with us, as I shall tell you presently. If there is any one else besides Brown in it, it might be Michael Dawson, the nominal assistant but really the active treasurer. There you have another man whom we suspect, and, strangely enough, can’t find. Dawson was the assistant treasurer of the company, you understand, not of the bank.”

“You can’t find him? Why?” asked Kennedy, considerably puzzled.

“No, we can’t find him. He was married a few days ago, married a pretty prominent society girl in the city, Miss Sibyl Sanderson. It seems they kept the itinerary of their honeymoon secret, more as a joke on their friends than anything else, they said, for Miss Sanderson was a well-known beauty and the newspapers bothered the couple a good deal with publicity that was distasteful. At least that was his story. No one knows where they are or whether they’ll ever turn up again.

“You see, this getting married had something to do with the exposure in the first place. For the major part of the forgeries consists not so much in the checks, which interest my company, but in fraudulently issued stock certificates of the By-Products Company. About a million of the common stock was held as treasury stock – was never issued.

“Some one has issued a large amount of it, all properly signed and sealed. Whoever it was had a little office in Chicago from which the stock was sold quietly by a confederate, probably a woman, for women seem to rope in the suckers best in these get-rich-quick schemes. And, well, if it was Dawson the honeymoon has given him a splendid chance to make his get-away, though it also resulted in the exposure of the forgeries. Carroll had to take up more or less active duty, with the result that a new man unearthed the – but, say, are you really interested in this case?”

Williams was leaning forward, looking anxiously at Kennedy and it would not have taken a clairvoyant to guess what answer he wanted to his abrupt question.

“Indeed I am,” replied Craig, “especially as there seems to be a doubt about the guilty person on the inside.”