“No! Well, then, there is still another matter—a little package that was in the taxicab with you. Where is that?”

“See here!” said Jimmie Dale irritably. “This has gone far enough! I have seen no package, large or small, or of any description whatever. You are evidently mistaking me for some one else. You have only to telephone to the St. James Club.” He reached toward his pocket for his cardcase. “My name is—”

“Dale,” supplied the other curtly. “Don't bother about the card, Mr. Dale. We have already taken the liberty of searching you.” He rose abruptly from his chair. “I am afraid you do not quite realise your position, Mr. Dale,” he said, with an ominous smile. “Let me make it clear. I do not wish to be theatrical about this, but we do not temporise here. You will either answer both of those questions to my satisfaction, OR YOU WILL NEVER LEAVE THIS PLACE ALIVE.”

Jimmie Dale's face hardened. His eyes met the other's steadily.

“Ah, I think I begin to see!” he said caustically. “When I have been thoroughly frightened I shall be offered my freedom at a price. A sort of up-to-date game of holdup! The penalty of being a wealthy man! If you had named your figure to begin with, we would have saved a lot of idle talk, and you would have had my answer the sooner: NOTHING!”

“Do you know,” said the other, in a grimly musing way, “there has always been one man, but only one until now, that I have wished I might add to my present associates. I refer to the so-called Gray Seal. To-night there are two. I pay you the compliment of being the other. But”—he was smiling ominously again—“we are wasting time, Mr. Dale. I am willing to expose my hand to the extent of admitting that the information you are withholding is infinitely more valuable to me than the mere wreaking of reprisal upon you for a refusal to talk. Therefore, if you will answer, I pledge you my word you will be free to leave here within five minutes. If you refuse, you are already aware of the alternative. Well, Mr. Dale?”

Who was this man? Jimmie Dale was studying the other's chin, the lips, the white, even teeth, the jet-black hair. Some day the tables might be turned. Could he recognise again this cool, imperturbable ruffian who so callously threatened him with murder?

“Well, Mr. Dale? I am waiting!”

“I am not a magician,” said Jimmie Dale contemptuously. “I could not answer your questions if I wanted to.”

The other's hand slid instantly to a row of electric buttons on the desk.