“We heard it was over a hundred thousand!” exclaimed Joe.

“Rumors always exaggerate. Forty thousand dollars is the figure Mr. Applegate puts it at. And it’s quite enough, too. All in securities and jewels.”

“Whew!” exclaimed Frank. “Quite a haul! When did it happen?”

“Either last night or this morning. He did not get up until after ten o’clock this morning and he did not go into the library until nearly noon. Then he discovered the theft.”

“How was the safe opened?”

“It was either opened by someone who knew the combination or else by a very clever crook. It wasn’t dynamited at all. I’m going up to the house in a few minutes. Mr. Applegate is to call for me.”