Thus two minutes passed, then three.

"Time's up, Herzog!" exclaimed Waldron, glancing at the electric clock on the wall. "Where's the juice?"

"One second, sir," answered the scientist. Again he peeked through the glowing bull's-eye. Then, his face slightly pale, his bulging eyes blinking nervously, he took two small flint glass bottles, set them under a couple of pipettes, and deftly made connections.

"Oxygen cocktail for mine," laughed Waldron, to cover a certain emotion he could not help feeling at sight of the actual operation of a process which might, after all, open out ways and means for the utter subjugation of the world.

Neither Flint nor the inventor vouchsafed even a smile. The Billionaire drew near, adjusted a pair of pince-nez on his hawk-like nose, and peered curiously at the apparatus. Herzog, with a quick gesture, turned a small silver faucet.

"Oxygen! Unlimited oxygen!" he exclaimed. "I have found the process, gentlemen, commercially practicable. Oxygen!"

Even as he spoke, a lambent, sparkling liquid began to flow through the pipette, into the flask. At sight of it, the Billionaire's eyes lighted up with triumph. Waldron, despite his assumed nonchalance, felt the hunting thrill of Wall street, the quick stab of exultation when victory seemed well in hand.

"These bottles," said Herzog, "are double, constructed on the principle of the Thermos bottle. They will keep the liquid gases I shall show you, for days. Huge tanks could be built on the same principle. In a short time, gentlemen, you can handle tons of these gases, if you like—thousands of tons, unlimited tons.

"The Siemens and Halske people, and the Great Falls, S.C., plant, will be mere puttering experimenters beside you. For neither they nor any other manufacturers have any knowledge of the vital process—my secret, polarizing transformer, which does the work in one-tenth the time and at one-hundredth the cost of any other known process. For example, see here?"

He turned the faucet, disconnected the flask and handed it to Flint.