"I'm going to tell what we discovered. I'm going to let Holly Cross and Mr. Lighton know. It was Gerhart who stole the copy of the signals. He sneaked in here when we were out and found them, though how he knew enough to look behind the picture is more than I understand. Probably he wanted to see if the girl's name was on the back, and saw the paper by accident. Anyhow, he took it, and he lost the charm at the same time, though he didn't notice it. Then he went and bargained to sell the signals to Stoddard, of Boxer Hall. That was when we saw them talking together down by the bridge."