The conditions of sale were read; the bidding to be understood as in agreement therewith.

At last the banker appeared, and sat down unobtrusively in a corner. His presence always made itself felt in any gathering, as imparting a certain solemnity to the occasion. Holm, who had been chatting gaily with the magistrate and Advocate Schneider, sat down quietly.

"Well, gentlemen, to business. The frigate, Don Almariva, is offered for sale to the highest bidder, subject to the conditions just read. What offers?"

"2000," said Holm. A long pause followed.

"2000 offered, 2000. Any advance on 2000.... Come, gentlemen...."

Holm began to feel uneasy.

"2050." It was the banker's sonorous voice.

"2200," snapped out Holm, on the instant.

"2250," from the corner, a little more promptly than before.

"2400," Holm was there again at once.