The way Frank spoke the words caused Bart to turn and look him over wonderingly.

"Hello!" he said. "What's struck you? You are breathing as if you had been running, but you're rather pale round the gills."

"I have had an adventure."

"You are always having adventures. You're the luckiest fellow alive."

"This adventure is somewhat out of the usual order," declared Frank. "It might furnish material for a detective story."

"Whew!" whistled the dark-haired lad. "Now you are making me curious. Reel it off for us."

Then Frank sat down and told Hodge the full particulars of his adventure with the mysterious man in black.

A look of wonder and delight grew on Bart's face as he listened, and, when the account was finished, he slapped his thigh, crying:

"By Jove, Merriwell, this is great! Why, such things do actually happen, don't they! Why do you suppose that man is so determined to obtain possession of that ugly old ring? Do you actually believe he is a collector of rings, with a mania for the quaint and curious?"

"It is possible, but, for some reason, I doubt it."