"I was his first"—he swallowed hard and added—"mug!"

Mr. de Vinne pulled thoughtfully at his black cigar and eyed the ceiling of the restaurant absent-mindedly.

"There's nobody in the City who knows more about Tibbetts than me," he said. He was weak on the classical side, but rather strong on mathematics. "I've watched every transaction he's been in, and I think I have got him down fine."

"Mind you," said Fred, "I think he's clever."

"Clever!" said the other scornfully. "Clever! He's lucky, my dear chap. Things have just fallen into his lap. It's mug's luck that man has had."

Mr. Fred nodded. It was an opinion which he himself had held and ruminated upon.

"It is luck—sheer luck," continued Mr. de Vinne. "And if we'd been clever, we'd have cleaned him. We'll clean him yet," he said, stroking his chin more thoughtfully than ever, "but it's got to be done systematically."

Mr. Fred was interested. The possibility of relieving a fellow-creature of his superfluous wealth by legitimate means, and under the laws and rules which govern the legal transfer of property, was the absorbing interest of his life.

"It has got to be done cleverly, scientifically, and systematically," said Mr. de Vinne, "and there's no sense in jumping to a plan. What do you say to taking a bit of dinner with me at the Ritz-Carlton on Friday?"

Mr. Fred was very agreeable.