Patsy found it under the rise of stairs to the third floor, a dusty corner from which he could see a portion of both corridors. He had been waiting about ten minutes, when, much to his surprise, another man emerged from Goulard’s office and appeared in the back corridor. He was a bowed, round-shouldered man in a gray suit, and entirely unlike the fashionable garments worn by the junior member of the firm. He appeared to be about sixty, a man with grizzled hair, a full beard, and wearing steel-bowed spectacles. He paused for a moment, glancing sharply toward the stairs, and then he closed the rear door from which he had come and hastened toward the stairway. “That beats me,” thought Patsy. “I’m sure there was no one in that office when I looked into it, and who but Goulard would have entered it? Who the dickens is this fellow, then, and why----” Patsy did not continue his train of thought. He decided that the matter needed immediate investigation. He darted to the rear door of the office again and listened. Not a sound came from within. Stepping around to the other door, bent upon knocking and learning positively whether Goulard was within, Patsy now found on the door a written card: “Will return at two o’clock.” “Great Scott!” thought Patsy, startled. “That wasn’t here when I passed this door. Can it be----” He did not end the thought. He turned abruptly, darting through the rear corridor and down the back stairway, now in hot pursuit of the bearded man in gray. CHAPTER VI. THE CODE TELEGRAM. Chick Carter was on the lookout for Bart Bailey at seven o’clock the following morning, after trailing him to Philadelphia. He had felt sure that his quarry would not be stirring before that hour, but he soon found that he had allowed himself but little leeway. For Bailey appeared in the hotel office ten minutes later and hurried in to breakfast. Chick saw plainly that the rascal did not suspect an espionage, but his haste denoted that he had important business in view. Chick determined not to lose sight of him, therefore, and he deferred for that reason and in order to gather additional evidence, a telephone talk with Nick, precisely as the latter had inferred. Chick shadowed Bailey from the hotel about eight o’clock, and the store mentioned by the clerk the previous night. It proved to be a small establishment, occupying only the ground floor and basement of a corner building, with an office in the rear, and to which the crook immediately hastened. “I’ll not follow him,” thought Chick, sizing up the store from outside. “I may get a line on him from the rear.” Hastening in that direction, Chick saw that the back windows of an automobile agency overlooked a paved area back of Meyers’ store, and he entered and introduced himself to the manager, confiding the situation to him and requesting the privilege of using the rear windows.