"If I may put it in a nutshell, Mr. Merton, I should say it was all up."

The boxer still addressed his remarks to his associate.

"Is this cove trying to be funny, or what? I'm not in the funny mood myself."

"No, I expect not," said Holmes. "I think I can promise you that you will feel even less humorous as the evening advances. Now, look here, Count Sylvius. I'm a busy man and I can't waste time. I'm going into that bedroom. Pray make yourselves quite at home in my absence. You can explain to your friend how the matter lies without the restraint of my presence. I shall try over the Hoffmann Barcarolle upon my violin. In five minutes I shall return for your final answer. You quite grasp the alternative, do you not? Shall we take you, or shall we have the stone?"

Holmes withdrew, picking up his violin from the corner as he passed. A few moments later the long-drawn, wailing notes of that most haunting of tunes came faintly through the closed door of the bedroom.

"What is it, then?" asked Merton anxiously, as his companion turned to him. "Does he know about the stone?"

"He knows a damned sight too much about it. I'm not sure that he doesn't know all about it."

"Good Lord!" The boxer's sallow face turned a shade whiter.

"Ikey Sanders has split on us."

"He has, has he? I'll do him down a thick 'un for that if I swing for it."