“Percival Coolidge! but why?  What could he gain by such a crime?”

“I have not found the answer yet, but my conviction remains strong—­stronger, indeed, than ever since our talk last night.  You could never have been made prisoner in that cottage without his connivance; he must have lured you there for that particular purpose, so that this other girl could take your place without danger of discovery.  It was a neat trick, so well done as to even deceive me.  The reason for Percival’s participation is only a guess, but my theory is the fellow had so juggled your fortune, and the time for final accounting was so near, he had to take a desperate chance in order to save himself.”

“You mean the opportunity came, and he could not resist?”

“Perhaps so, and perhaps it was his own deliberate plan.  That remains to be discovered.  My own theory is that when Hobart learned what Percival Coolidge proposed doing, his own criminal tendencies told him that here was some easy money.  The girl was undoubtedly wholly under his control; some denizen of the underworld probably.  She had already played her part sufficiently well to convince Hobart of success.  Why then, shouldn’t he have this money instead of Percival?  There was no reason except that Percival was in the way.  That was why he was killed.”

“By Hobart?”

“He may not have fired the shot, but I have no doubt he inspired it; and the job was so expertly done the coroner called it suicide.  The way was open; you were a prisoner, and the false Natalie Coolidge safely installed as mistress of ‘Fairlawn.’  No one apparently suspected anything wrong.”

“And,” she questioned breathlessly, “the man meant to murder me also?”

“Not at that time in my judgment,” West answered thoughtfully.  “Such an additional crime was not a part of the original plan.  There was no apparent necessity.  Your estate was about to be settled finally, and given over to your control in accordance with the terms of your father’s will.  Hobart must have known all this from Percival Coolidge, and exactly what steps must be taken to secure it.  Once the money, and other property, were delivered to the fake Natalie, the cashing in and get away would be easy; even the identity of the thieves would be concealed.  Killing you was not at all necessary to the success of their scheme.”

“But they did try to kill me.”

“Yes, later, by the sinking of the yacht.  Probably I am largely responsible for that.”

“You?”

“Yes; the persistency with which I stuck to the trail.  They became frightened.  My appearance in Wray Street must have been quite a shock, and when I succeeded in escaping from their trap there, Hobart very evidently lost his head completely.  He did not dare risk my ever finding you.  The knowledge that I was free, perhaps in communication with the police, led to your night trip to the Seminole, and the secret sinking of the yacht.  He had gone too far by then to hesitate at another murder.”