“No, I had it a while ago. I have been wearing it next to my little finger, and I had a hard time to get it on, so I put it on my little finger, although it was too large.” “When was that?” “Just before rehearsal began.” “Then it’s likely you have lost it.” “By gracious! I’m afraid so, and I valued it highly. It had my monogram set in fine stones, you know, and it was a present to me. I wouldn’t lose it for any amount of money!” “It may be around the stage somewhere.” In a few moments nearly everyone was searching for Lester’s ring. Although they looked all around the stage and in the dressing rooms, it was not found. “You must have lost it after you left the theater, Vance,” said Rufus Small. “If I lost it on the street, I’ll never see it again,” said Lester, dolefully. “It’s mighty tough!” “Where did you go from here?” “To a market, and then straight to the hotel.” “Perhaps you lost it in the hotel. It may be in your room.” Vance started and looked somewhat agitated. “That’s so!” he cried. “I’ll look for it there if you’ll let me go, Mr. Havener.” “We’ll all go,” said Havener. “We can’t do anything more this afternoon.” “Needn’t hurry on my account,” said Vance, anxiously. But rehearsing was over, and, not a little to Lester’s uneasiness, Frank Merriwell left the theater at once and hurried toward the hotel. Vance was unable to get ahead of Merry without running, and this he did not do. Presenting himself at the desk, Frank asked if Hodge was in his room or around the hotel. “No,” answered the clerk, “he has left.” Merry caught his breath, a queer sensation striking through his heart. “Left?” he exclaimed. “Yes, sir.” “You don’t mean——” “He has settled his bill and departed.” “Impossible!” cried Frank, in great consternation. The clerk lifted his eyebrows, but said nothing. “I beg your pardon,” said Merry, quickly. “I did not mean to contradict your statement, but it does not seem possible for me to believe it. Will you give me the particulars?” “There are no particulars, save that he asked for his bill, paid it, took the key to your room to get something he said he had in there, came down very soon with his grip and coat, and left.” It was a rare thing for Frank Merriwell to be dazed, but he seemed so just then. A little distance away stood Lester Vance, a look of intense satisfaction and triumph on his face. “Bart has gone crazy!” thought Frank, his lips being pressed together. “He’ll be sorry for this. Unless I can stop him, there is no telling what may become of him. I’ll not be likely to see him again for a long time, and he is in such a reckless mood now that it will be dangerous for him to go by himself.” He took his key and went up to his room. “I must have a chance to think,” he decided. “I must conclude what to do.” He closed the door of his room, and then he noticed a sheet of paper, covered with writing, lying on the table. Hastily he caught it up.