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Disappointed, Frank and Joe went back to Chet, who had stopped to catch his breath.

"We lost him," Joe reported tersely.

Frank's eyes narrowed. "I have a hunch that man who passed the bogus twenty-dollar bill to Chet knew it was counterfeit. That last-second dash for the train was just a gimmick to make a fast getaway. But his showing up here in Bayport a couple hours after he took the train out of town is mighty peculiar."

Joe and Chet agreed. "He probably got off in Bridgeport," Frank went on. "That's the nearest big town."

As the boys walked back toward the Scientific Specialties Store, they speculated about the

source of the supply of bogus money.

"Maybe it's Bridgeport," Frank said. "That could be one of the reasons he took the train there-to get a

new supply, or palm off more."

"You mean they might actually make the stuff there?" Chet asked.

Frank shrugged. "Could be," he said. "I hope no more counterfeit bills are passed in Bayport."

"There probably will be," Chet said ruefully, "if this town is full of easy marks like me."

"Let's keep a sharp lookout for that fake-money passer from now on," Joe said, "and other clues to the counterfeit ring."

"Who knows," Chet put in, "it could turn out to be your next case."

As soon as Mr. Reed had been paid, the boys drove to Bayport Police Headquarters. Chet

decided to take his microscope into headquarters and show it to Chief Ezra Collig. The

keen-eyed, robust officer was an old friend of Fenton Hardy and his sons. Many times the four

had cooperated on cases.

"Sit down," the chief said cordially. "I can see that you boys have something special on your minds.

Another mystery?"

He leaned forward expectantly in his chair.

"It's possible, Chief," replied Frank as he handed over the counterfeit bill. Quickly the Hardys explained what had happened, then voiced their suspicions of the man who had just eluded

them.

"Have there been any other reports of people receiving fake bills?" Joe asked the officer.

Chief Collig nodded. "Chet's not the first to be fooled," he replied. "Since the Secret Service alerted us to watch for these twenty-dollar bills, we've had nearly a dozen complaints. But

we've instructed the people involved not to talk about it."

"Why?" Chet asked curiously.

"It's part of our strategy. We hope to trap at least some of the gang by lulling them into a feeling of false security."

The boys learned that Chet's description of the stocky stranger tallied with what the police had on file.

"He's a slippery one," the chief added. "It sounds to me as if the man wears a different outfit each time he shoves a bill,"

"Shoves?" echoed Chet.

"A shover-or passer-is a professional term for people who pass counterfeit money," Chief Collig explained. He rubbed the bogus bill between his fingers, "This is a clever forgery," he said.

"Let's see what it looks like under your microscope, Chet."

It took just a minute to rig and focus the microscope. Then, under Chief Collig's directions, the boys scrutinized the faults in the bill.

"Look at the serial number," the chief pointed out. "That's the large, colored group of numbers that appears on the upper right and lower left portions of the bill."

As the boys peered at the number, Chief Collig made some quick calculations on his desk pad,

"Divide the serial number by six," he went on, "and in this case, the remainder is two."

When the boys looked puzzled, the chief smiled. "On the upper left portion of the note you'll see a small letter. One that is not followed by a number. That's the check letter and in this case it's B."

The boys listened as Chief Collig further explained, "If the letter B corresponds to the remainder two, after you have done the division, it means the bill is either genuine-or a careful fake. The same way with the remainder, one. The check letter would be A or G; and with the remainder

three, the check letter C

or I, and so on."

"Wow! Some arithmetic!" Chet remarked.

Frank looked thoughtful. "In this case, the test of the divisional check indicates the bill is genuine."

"Exactly," Chief Collig said. "And the portrait of Jackson is good. The border, sometimes called lathe or scrollwork, is excellent."

"But, Chief," said Joe, puzzled, "everything you've mentioned points toward the bill's being the real thing,"

"That's right. However, you'll see through the microscope that the lines in the portrait are slightly grayish and the red and blue fibers running through the bank note have been simulated with colored ink."

In turn, the boys peered through the microscope, observing the points the chief had called to

their attention.

Chief Collig snapped off the light in Chet's microscope and pulled the bill out from under the clips that were holding it in place.

He handed the fake bill to Frank and at the same time gave him a genuine one from his wallet.

"Now feel the difference in the paper quality," he directed.

Frank did so and could tell immediately that the forged bill was much rougher and thicker than the genuine one.

Just then the chief's telephone rang. He answered it, speaking quickly. When he hung up, Chief Collig said, "I must go out on a call, boys. Thanks for bringing in this bill. If you come across any others like it, or clues that might help the police, let me know. In the meantime, I'll relay your description of the suspect to the Secret Service, and also turn this bill over to them."

Chief Collig arose from his desk, and the boys walked out of the building with him. On the way, Joe said, "I wonder if Oscar Smuff has heard of the counterfeiting racket, and is-er-working on it."

"I wouldn't be surprised." The chief sighed. "That fellow will never give up."

The boys did not mention their encounter with Smuff earlier in the afternoon, but they were

fairly certain that Oscar Smuff had trailed the man because he was a stranger in town and had

been carrying a suitcase. The aspiring detective undoubtedly had jumped to the conclusion that the suitcase was filled with counterfeit money.

When the chief had gone, Joe glanced at his watch. "If we're going to meet Dad's train, we'd better get started."

The three boys climbed into the jalopy and drove off. They arrived at the station just as the

four-o'clock train was coming to a halt.

A moment later they spotted Mr. Hardy alighting from the rear car. "Dad!" cried Frank and Joe, and dashed to greet him, followed by Chet.

Fenton Hardy, a tall, distinguished-looking man, smiled broadly. "I appreciate this special reception-and a ride home, too," he added, noticing Chet's jalopy in the lot.

"Right this way, sir." Chet grinned.

Joe took his father's suitcase and everyone went to the car. As they rode along, the boys gave Mr.

Hardy an account of the afternoon's exciting events.

The detective listened intently. In conclusion, Frank said, "Dad, does your new case have anything to do with the counterfeiting ring?"

Mr. Hardy did not answer for a moment. His mind seemed to be focused on another matter.

Finally he said, "No. But I'll be glad to help you boys track down any clues to these

counterfeiters. I have a feeling you'll be on the lookout for them!"

"We sure will!" Joe said emphatically.

As they turned into the Hardy driveway, Frank said, "Maybe more leads will show up around here."

Fenton Hardy agreed. "That's a strong possibility."

They were met at the door by Aunt Gertrude, Mr. Hardy's unmarried sister. She was a tall,

angular woman, somewhat peppery in manner, but extremely kindhearted. Miss Hardy had