you’re right. Just come inside and let’s argue this matter out.”

He waited, his nimble mind evolving a plan for dealing with this dangerous enemy. He did not imagine that Frank would accept the invitation, and he was genuinely astounded when, without another word, the constable turned and slowly ascended the steps to the door.

IV

The Men Who Sat in Judgment

Frank heard a little scuffling in the hall, and knew that the men who had been watching him had gone to cover. He had little fear, though he carried no weapon. He was supremely confident in his own strength and science.

Black, following him in, shut the door behind him. Frank heard the snick of a bolt being shot into its socket in the dark. Black switched on the light.

“We’re playing fair, Constable Fellowe,” he said, with an amiable smile. “You see, we do not try any monkey tricks with you. Everything is straight and aboveboard.”

He led the way up the thickly-carpeted stairs, and Frank followed.

The young man noticed the house was luxuriously furnished. Rich engravings hung on the walls, the curtains that veiled the big stairway window were of silk, cabinets of Chinese porcelain filled the recesses.

Black led the way to a room on the first floor. It was not the room in which the board meeting had been held, but a small one which led off from the boardroom.

Here the luxury was less apparent. Two desks formed the sole furniture of the room; the carpet under foot was of the commonplace type to be found in the average office. A great panel of tapestry⁠—the one touch of luxury⁠—covered one wall, and a cluster of lights in the ceiling afforded light to the room.

A little fire was burning in the grate. On a small table near one of the desks supper had been laid for two. Frank noticed this, and Black, inwardly cursing his own stupidity, smiled.

“It looks as though I expected you,” he said easily, “though, as a matter of fact, I have some friends here tonight, and one of them is staying to supper.”

Frank nodded. He knew the significance of that supper-table and the white paper pads ready for use.

“Sit down,” said Black, and himself sat at one of the desks. Frank seated himself slowly at some distance from the other, half turning to face the man whom he had set himself to ruin.

“Now, let us get to business,” said Black briskly. “There is no reason in the world why you and I should not have an understanding. I’m a business man, you’re a business man, and a smart young man too,” he said approvingly.

Frank made no reply. He knew what was coming.

“Now suppose,” Black continued reflectively, “suppose we make an arrangement like this. You imagine that I am engaged in a most obnoxious type of business. Oh, I know!” he went on deprecatingly, “I know! You’re under the impression that I’m making huge profits, that I’m robbing people by bucket-shop methods. I needn’t tell you, constable, that I am most grieved and indignant that you should have entertained so low an opinion of my character.”

His voice was neither grieved nor indignant. Indeed, the tone he employed was a cheerful admission of fault.

“Now, I am quite content you should investigate my affairs first hand. You know we receive a large number of accounts from all over the Continent and that we pay away enormous sums to clients who⁠—well, shall we say⁠—gamble on margins?”

“You can say what you like,” said Frank.

“Now,” said Black, “suppose you go to Paris, constable, you can easily get leave, or go into the provinces, to any of the big towns in Great Britain where our clients reside, and interview them for yourself as to our honesty. Question them⁠—I’ll give you a list of them.

“I don’t want you to do this at your own expense,” his big hands were outstretched in protest. “I don’t suppose you have plenty of money to waste on that variety of excursion.

“Now, I will hand you tonight, if you like, a couple of hundred pounds, and you shall use this just as you like to further your investigations. How does that strike you?”

Frank smiled.

“It strikes me as devilish ingenious,” he said. “I take the couple of hundred, and I can either use it for the purpose you mention or I can put it to my own account, and no questions will be asked. Do I understand aright?”

Colonel Black smiled and nodded. His strong, yellow face puckered in internal amusement. “You are a singularly sharp young man,” he said.

Frank rose.

“There’s nothing doing,” he said.

Colonel Black frowned.

“You mean you refuse?” he said.

Frank nodded.

“I refuse,” he said, “absolutely. You can’t bribe me with two hundred pounds, or with two thousand pounds, Black. I am not to be bought. I believe you are one of the most dangerous people society knows. I believe that both here and in the City you are running on crooked lines; I shall not rest until I have you in prison.”

Black rose slowly to his feet.

“So that’s it, is it?” he said.

There was menace and malignity in his tones. A look of implacable hatred met Fellowe’s steady gaze.

“You will regret this,” he went on gratingly. “I have given you a chance that most young men would jump at. I could make that three hundred⁠—”

“If you were to make it thirty-three hundred, or thirty-three thousand,” said Frank impatiently, “there would be no business done. I know you too well, Black. I know more about you than you think I know.”

He took up his hat and examined the interior thoughtfully.

“There is a man wanted in France⁠—an ingenious man who initiated Get-rich-quick banks all over the country, particularly in Lyons and the South⁠—his name is Olloroff,” he said carefully. “There’s quite a big reward offered for him He had a partner who died suddenly⁠—”

Black’s face went white. The hand that rose to his lips shook a little.

“You know too much, I think,” he said.

He turned swiftly and

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