Loge did not speak again for a moment. Instead, he picked up the spoon with which Cleggett had stirred his highball and began to draw characters with its wet point upon the table. "If it's a question of price," he said finally, "I'm prepared to allow you a handsome profit."

Cleggett determined to find out how far he would go.

"You might be willing to pay as much as $5,000 for her—for the old hulk over there in the canal?"

Loge stopped playing with the spoon and looked searchingly into Cleggett's face. Then he said:

"I will. Turn her over to me the way she was the day you bought her, and I'll give you $5,000." He paused, and then repeated, stressing the words: "MIND YOU, WITH EVERYTHING IN HER THE WAY IT WAS THE DAY YOU BOUGHT HER."

Cleggett fumbled with his fingers in a waistcoat pocket, drew out the torn piece of counterfeit money which he had taken from the dead hand, and flung it on the table.

"Five thousand dollars," he said, "in THAT kind of money?"

Loge looked at it with eyes that suddenly contracted. Clever dissembler that he was, he could not prevent an involuntary start. He licked his lips, and Cleggett judged that perhaps his mouth felt a little dry. But these were the only signs he made. Indeed, when he spoke it was with something almost like an air of relief.

"Come," he said, "now we're down to brass tacks at last on this proposition. Mr. Detective, name your real price."

Cleggett did not answer immediately. He appeared to consider his real price. But in reality he was thinking that there was no longer any doubt of the origin of the explosion. Since Loge practically acknowledged the counterfeit money, the man who had died with this piece of it in his hand must have been one of Loge's men. But he only said: