And then—suddenly the question of the syndicate flashed into his mind, and he sat, almost gasping with wonder as he realized that he had entirely forgotten it! He had forgotten this mysterious business which had occupied his thoughts to the exclusion of almost all else for the past two months! It seemed to him incredible. Yet so it was.

There surged over him a feeling of relief, so that once more he all but laughed. He turned to Madeleine.

“I know,” he cried triumphantly, “the obstacle. And it’s just nothing at all. It’s this syndicate business that your father has got mixed up in. Now tell me! Isn’t that it?”

The effect of his words on the girl was instantaneous. She started and then sat quite still, while the color slowly drained from her face, leaving it bleached and deathlike. A look of fear and horror grew in her eyes, and her fingers clasped until the knuckles showed white.

“Oh!” she stammered brokenly, “what do you mean by that?”

Merriman tried once more to take her hand.

“Dear one,” he said caressingly, “don’t let what I said distress you. We know the syndicate is carrying on something that—well, perhaps wouldn’t bear too close investigation. But that has nothing to do with us. It won’t affect our relations.”

The girl seemed transfixed with horror.

We know?” she repeated dully. “Who are we?”

“Why, Hilliard; Hilliard and I. We found out quite by accident that there was something secret going on. We were both interested; Hilliard has a mania for puzzles, and besides he thought he might get some kudos if the business was illegal and he could bring it to light, while I knew that because of Mr. Coburn’s connection with it the matter might affect you.”