“I knew you were going to give him a chance to take the money,” said Shesgren, trembling. “I didn’t know that you were going to fake evidence against him. I won’t stand for that. I thought you had proved that Phillips was a hypocrite and a sneak—not that you had set a trap for him.”

Parker glared furiously at Carpenter.

“I thought you were cowardly enough,” he said, with contempt. “I didn’t suppose that you were training with such a white-livered chap as this, though.”

“I’ll tell the whole story,” cried Shesgren angrily. “I’m going to Merriwell right now.”

He sprang for the door, but Parker was after him in the twinkling of an eye, and, being immensely stronger, had no trouble in dragging the angry sophomore back.

“Get me a trunk strap,” he cried to Carpenter, and Carpenter, who was completely under the influence of the junior, obeyed. In a moment Shesgren, struggling pluckily, though there was no hope that he could cope with Parker, was trussed up in a chair.

“This is fine business,” exclaimed Parker angrily, then. “I thought I could count on you two to help me do Jim Phillips up to get him out of your way, while I was disposing of Dick Merriwell at the same time. And now you go back on me just when the thing seems likely to be a success.”

Furiously angry, he sat in sullen silence for a few minutes, trying to work out some way in which he could rescue his plan from the destruction with which Shesgren’s sudden attack of conscience seemed to threaten it. If he released Shesgren, the sophomore would betray the whole conspiracy at once. If he kept him tied up, he could only postpone discovery a short time. The only thing to do was to find some means of stopping Shesgren’s contemplated betrayal—to find some way to seal his lips. He must get him in his power in some fashion.

“I’ve got it,” he cried suddenly. “You’ll be sorry you ever turned on me before I’m done with you, Shesgren. Give me that letter, Carpenter.”

Skillfully, he slit open the edges of the envelope with a sharp knife, and, extracting the two fifty-dollar bills the letter contained, put them in Shesgren’s wallet, which he was able, without difficulty, to take from his captive’s pocket.