Mrs. Graham and Stella had retired for the night, and the boys were sitting before the fire in the living room, for the night was chilly and Song had built up a good blaze against their return.

Naturally, the conversation drifted to the shots fired at them from the alley.

"While I wuz ambulatin' eround ter-night I overheard some conversation what wuz interestin'," remarked Bud, who was sprawling on a bearskin in front of the fire.

"What was it?" asked Ted, who had been turning over in his mind what Billy Sudden had told him of the organization of tough boys under the guidance of the ex-convict.

"I wuz standin' clost ter one o' ther winders what opens out onter ther alley when I hears two fellers talkin' below me," said Bud.

"What were they saying?"

"I wuzn't aimin' ter listen ter no one's privut conversation, but I caught your name, an' I tried ter hear what wuz said erbout yer."

"Naturally."

"One feller wuz talkin' pritty loud, ez if he'd been hittin' up ther tangle juice, an' ther other feller wuz tryin' ter make him put on ther soft pedal, what Clay calls talkin' pianissimo. But when the booze is in ther wit is out, an' ther feller would shut it down some fer a while, then he'd get a good lungful o' air an' bust out ergin."

"What was it all about?"