Very gradually, but in much shorter time than he fancied, or than his assailants expected, he recovered command of his faculties and became aware that he was lying upon a couch, an improvised gag in his mouth, his arms pinioned in a most uncomfortable way at his sides, and his feet bound together with cords that cut cruelly into the flesh of his ankles. He realised then that he had been led into a trap and had been sandbagged or otherwise assaulted as he entered it. His mind was still busy with Lindenwald and his motives, he fancied at first that he was responsible for this outrage, and warily, between his lashes, with his eyes scarcely opened, he glanced about the room in search of this gallant member of the Budavian royal household.

There were, however, but two persons present, and Lindenwald was not one of them. One was the little man whom he had mistaken for a hotel valet and who had lured him to his downfall; and the other was a tall, burly, bearded fellow, with a low forehead and sinister, bloodshot eyes. The two were standing near an open window and the larger man had in his hands a thick hempen rope, one end of which Grey observed was knotted about the heavy post of an old-fashioned mahogany bedstead which stood against the opposite wall. On more careful inspection he saw that the man was deliberately making a slip knot of the pattern known as a hangman’s noose. The only light in the room was that given by a single candle, but it sufficed for Grey to gather these details.

The smaller man leaned out of the window for a moment, and on drawing in his head he turned to the other with the remark:

“The carriage is there. Make haste with your knot. I’m not in love with this business.”

He spoke in German and his partner replied in the same tongue.

“Have patience,” he said, calmly; “it’s a heavy body we’ve got to lower and the knot must be strong. There’s plenty of time. He won’t come to himself for hours, and there’s no fear of anyone interrupting us now.”

“Don’t be too sure of that,” was the reply, in a tone of nervous apprehension; “we have been here too long as it is. If we should fail at the last minute, the Baron would——”

“S—sh!” warned the other, “no names is safer. Just another wrapping now and she’ll hold all right. Some wrap it seven times and some only five, but I’m giving it nine, to be sure.”

He had scarcely finished the sentence when a blow, aggressive and imperious, sounded on the door. The younger man started nervously, but the other just phlegmatically lowered his work and raised his head.

“What’s that mean?” he whispered.