"Well, that's easy settled," said Hammond. "Just hold him up with them papers—make him come across!"

"I'm not in that sort of business. I stole those papers, not to use them for blackmail, but to get information. By the way, get that tin box out of my trunk, will you? I want to take my stock certificates with me in the morning, and must not forget them."

Hammond disappeared into the adjoining room.

Gramont sat gazing at the boxes before him. Despite his words to Hammond, there was a fund of puzzled displeasure in his eyes, sheer dissatisfaction. He shook his head gloomily, and his eyes clouded.

"All wasted—the whole effort!" he murmured. "I thought it might lead to something, but all it has given me is the reward of saving myself and possibly retrieving Lucie. As for the larger game, the bigger quarry—it's all wasted. I haven't unravelled a single thread; the first real clue came to me to-night, purely by accident. Memphis Izzy Gumberts! That's the lead to follow! I'll get rid of this Midnight Masquer foolishness and go after the real game."

Gramont was to discover that it is not nearly so easy to be rid of folly as it is to don the jester's cap and bells; a fact which one Simplicissimus had discovered to his sorrow three hundred years earlier. But, as Gramont was not versed in this line of literature, he yet had the discovery ahead of him.

Hammond reëntered the room with the tin box, from which Gramont took his stock certificates issued by Bob Maillard's oil company. He pocketed the shares.

"Does this here Miss Ledanois," asked Hammond, "play in with you in the game? Young Maillard's related to her, ain't he?"

"She's quite aware of his drawbacks, I think," answered Gramont, drily.

"I see." Hammond rubbed his chin, and inspected his employer with a twinkle denoting perfect comprehension. "Well, how d'you expect to come out on top of the heap?"