“Here it is,” put in Fenton Hardy, getting up and dumping the gunny sack upside down on the table. There was a tinkle and clatter as jewels came rolling out on the table, and then there was a rustle of paper as the packets of bonds followed.

“Where was it found?” asked the chief. “This doesn’t clear him. He probably hid it some place.”

“The stuff was found just where Jackley said he hid it. In the old tower.”

“But the old tower was searched high and low.”

“There is more than one ‘old tower,’ ” went on Mr. Hardy. “Only we didn’t happen to think of that at the time. It was found in the old water tower, down at the Junction, where Jackley used to work.”

Chief Collig was speechless with surprise. He gazed at Smuff, whose jaw had dropped in astonishment.

“Who found it?” asked Smuff at last.