One by one he looked them over, comparing each with a much-creased sheet of buff paper which he extracted from his bill-book and laid beside him. Davis looked on curiously. Now and then Payson paused as he turned the papers over and glanced doubtfully at the buff sheet. Finally, when he had reached almost the bottom of the pile, he said “Hm!” very softly. A second sheet of buff paper was in front of him and he was studying it attentively. Presently, as though satisfied, he handed it to Captain Merriwell, following it with the creased sheet. The latter had been folded several times and was soiled, as though it had passed through many hands. Merriwell, frowning, compared one sheet with the other. Finally he nodded.