He opened a box of cigars that was on the desk. Cardona accepted one. Farmington was already smoking.

“Well,” asked Farmington, “what do you think of this Double Z matter?”

“The man is crazy,” declared Cardona. “Nevertheless, he is dangerous.”

“Unquestionably,” acknowledged the banker. “Not only dangerous, but methodical. I see a purpose in his threat.”

“What is it?”

“He knows that I understand his message. I have already replied to it.”

“What! You know where he is—”

“No,” smiled Farmington. “I have replied by action, knowing what is in his mind.”

Cardona appeared puzzled, but waited without asking questions.

“For some time,” continued the millionaire, “a group with which I am associated has been considering a loan to the Fascist government. The matter awaited my decision — to-day. The letter arrived while I was at breakfast. I took it with me to the office. It was obviously a threat if I gave my approval to the loan.”