"He is," said a voice, and Frank Merriwell, himself, entered the office. "I hope I have not kept you waiting, gentlemen. My cab got into a jam on Broadway, and I was delayed full fifteen minutes."

"You are in good season, Merriwell," said Old Gripper. "Let me introduce to you Mr. Basil Jerome, the gentleman I spoke to you about last evening. Jerome has been concerned in the organization of many a big project, and he stands ready to take a corner in the Central Sonora Railroad deal."

"Providing," said Jerome, "that I become satisfied that the deal is to be carried through properly and there are no serious obstructions in its way."

Frank did not like the man's look, nor the cold voice that corresponded so well with his frigid eyes and face.

"Just what do you mean, sir," he questioned, "when you state you are ready to come in if the deal is carried through properly?"

Jerome sat down, and Frank followed his example. They faced each other, and something told Merriwell there was to be a clash between them.

Jerome surveyed Merry from head to feet, taking him all in. Without at once answering the question, he observed:

"You are a very young man to be the promoter of a project of such magnitude."

Frank flushed, for there was something most annoying in the manner and words of the fellow.

"I fail to see what my age has to do with it."