From his pocket Gramont produced a paper—the memorandum or agreement which he had drawn up with Fell on the previous afternoon, relating to the oil company. The other man took it and switched on an electric light bulb overhead. In this glare he was revealed as a ratty little individual with open mouth and teeth hanging out—an adenoidal type, and certainly a criminal type.

It crossed the mind of Gramont that one blow would do the work—but he stood motionless. No sudden game would help him here. The discovery that Fell was "the boss" paralyzed him completely. He had never dreamed of such a contingency. Fell, of all men!

Jachin Fell the "boss" of this establishment! Jachin Fell the man higher up—the brains behind this criminal organization! It was a perfect thunderbolt to Gramont. Now he understood why Chacherre was in the employ of Fell—why no arrest of the man had been possible! Now he perceived that Chacherre must have told the truth about coming here on business for Fell. Reaching farther back, he saw that Fell must have received the loot of the Midnight Masquer, must have turned it over to Lucie Ledanois——

Did she know?

"All right, Mr. Gramont." The ratty little man turned to him with evident change of front. "We ain't takin' no chances here, y'understand. Got quite a shipment of cars comin' in from Texas, and we're tryin' to get some o' these boats cleaned out to make room. Bring out any orders?"

Gramont's brain worked fast.

By overcoming this guttersnipe he might have the whole place at his mercy—but that was not what he wanted. He suddenly realized that he had other and more important fish to fry in New Orleans. Gumberts was there. Fell was there. What he must do demanded time, and his best play was to gain all the time possible, and to prevent this gang from suspecting him in any way.

"Did you see Ben Chacherre?" he countered.

"Uh-huh—seen him just after he come. Gumberts will be out day after to-morrow, he said. The boss is framin' some sort of deal on a guy that he wants laid away—some guy name o' Hammond. Chacherre is running it. He figgers on gettin' Hammond on account of some car that's bein' hunted up——"

Gramont laughed suddenly, for there was a grim humour about the thing. So Jachin Fell wanted to "get something" on poor Hammond! And Chacherre had seized the golden opportunity that presented itself this afternoon—instead of "getting" Hammond for the theft of a car, Chacherre had coolly fastened murder upon him!