Tholbin, sallow and black-haired, appeared as a shrewd schemer.

Yet of the pair, Froman was the more dynamic. He was one of those men whose age is difficult to determine. The firm set of his chin showed something of the mental force that lay behind.

FOUR men had been pointed out to Lamont Cranston. They were men of varied sorts. Marcus Holtmann — a man of business; Parker Noyes — a sedate lawyer; Frederick Froman — a gentleman of leisure; David Tholbin — a young adventurer. Their purposes in life were different. Chance, tonight, had made them guests at the same social function.

That same chance had brought a fifth visitor in the person of Lamont Cranston. He was the one who observed; and his keen, piercing eyes were ferreting hidden secrets.

With it all, Cranston possessed a remarkable aptitude for concealing his own actions. Not one of the four sensed the interest that he was taking in them.

Strolling leisurely across the room, Lamont Cranston joined the group that was listening to Holtmann. The sour-faced man was answering questions. His brief, terse phrases came to Cranston’s ears.

“Five Year Plan — gigantic idea — yes, I spent six months in Moscow — vast natural resources in Russia — wealth in back of it — many reports are based upon lack of authentic information—”

Another man had joined the group. The newcomer was Frederick Froman. He displayed a purely passive interest in the discussion. He lighted a cigarette, roamed leisurely away, and returned. His second approach took place as Marcus Holtmann was ending the discussion.

“Well, gentlemen,” declared the man who had been to Russia, “I feel that I have talked enough for this evening. I can only say that my experiences were interesting and enlightening. They proved to me that one cannot judge conditions in Russia by a short visit only. Now that I am back here, I am more interested in America. My stay in New York ends tonight.”

“You are leaving for the Middle West?”