Mounting the stone staircase, they reached the quay, and took leave of one another.

Laforêt made his way towards the Rue Saint Dominique; Baudoin crossed the Pont de la Concorde, and returned to the Rue de Provènce by the Rue de Richelieu and the boulevards. Messieurs Baradier and Graff were in their office, along with the cashier of the firm, who was making inquiries concerning the collection of debts. The cashier was saying—

“Do you know, gentlemen, that the ‘Commercial Explosives’ Company,’ of which M. Lichtenbach is chairman, is on its last legs? The shares have gone down considerably. It seems that there is an American company competing with them.”

“Yes, so I have heard,” said Graff. “The Americans have found a product of very simple composition, costing fifty per cent. less than dynamite. They have already taken very large orders for Australia and South Africa. That is the reason of the fall of the Lichtenbach Company.”

“Do not be uneasy, Bernard,” said Baradier to his cashier. “It will not affect Lichtenbach, but his shareholders. You have no more letters to be signed?”

“No, sir.”

“Well, then, you may go now. Good night.”

“Good night, gentlemen.”

Baradier rose from his seat, and stood with his back to the fire.

“You see,” he said to his brother-in-law, “here we have a clear proof that Trémont has been killed as much to rob him of his commercial as of his military secret. Do you now understand how Lichtenbach would be interested in being in possession of the formulæ of an explosive which would be less costly than the American product, the discovery of which is ruining the French company, and would be as effective though a hundred times less in volume? For this is the real value of the discovery made by Trémont, and which Marcel has explained to me. Accordingly, if Lichtenbach, by some means or other, came into possession of the unknown formulæ, he would only have to take out a patent, and secretly buy back all the shares of the company which have now fallen so low. The day after he had swept everything before him he would sell to the company all property in the new explosive, and make millions at a single stroke, without speaking of the future success of the product.”