“He is not the man to watch.” The statement came from Lamont Cranston, hitherto silent. “I have told Mr. Griscom that there is some one higher up. He is right when he states that Belden is working independently.”

“Bah!” exclaimed Wilberton impatiently. “These racketeers are all alike. Clever, but all for themselves.”

“That is incorrect,” declared Cranston. “The most important rackets are controlled by some one above.

“You should recognize that fact, Mr. Wilberton. You — a great financier — control many enterprises because they are profitable. Rackets are profitable enterprises. There is some one who controls them.”

Wilberton laughed contemptuously.

“This is indeed enlightening!” he exclaimed. “A racket syndicate! A wonderful idea, Mr. - er — Mr. Cranston. Something that exists — in your mind, only. I advise you to follow up that idea. It might mean millions.

“Meanwhile” — he looked at Howard Griscom in an annoyed manner — “I have too many important matters to concern me to spend time discussing the minor problems of the theatrical business!”

“One moment, please, Mr. Wilberton,” pleaded Howard Griscom. “I have told you this, simply to find out if you would still consider that loan — if we should satisfactorily end our present difficulty.

“If this thing keeps on — particularly if we have trouble in a theater such as the Paladrome I shall have to yield to the persuasion of the Theatrical Owners Cooperative Association. The interests of the stockholders will compel me—”

WILBERTON interrupted him with a wave of his hand. Griscom became silent while the financier turned to speak to Crowley. The secretary was standing by in a deferential manner.