“Thanks.”

Bimble’s deceptively mild eyes regarded him carefully. “I think there are certain other things that would hurt you far more. For instance—But we will drop that phase of the subject for the present and get down to the more practical side. As I told you, the Duke always mixes business and pleasure, which in this case means a judicious blend of revenge and profit.”

The Phantom’s brows went up. A tinge of greed and craftiness had dimmed the habitual look of serenity in the doctor’s eyes. He was looking down at his scrupulously polished shoes while playing with his watch chain.

“How?” asked the Phantom. The uncertainty as to his own fate did not trouble him in the least, but all his will power was needed to maintain a semblance of coolness whenever he thought of Helen.

“You put in many very busy years at the pleasant occupation of annexing other people’s property,” murmured the doctor. “The magnitude of your enterprises has been the talk of the whole continent. There must be a good many millions stored away in that retreat of yours.”

The Phantom smiled. Imaginative newspaper writers had pictured the Gray Phantom living like an East Indian potentate in some snug retreat, surrounded by countless treasures and a splendor that would have offered a gorgeous Arabian Nights’ setting. The fable, eagerly swallowed by the public, seemed wildly grotesque in comparison with the truth.

“You’re forgetting something, doctor. I never had the Duke’s keen eye for business. I was not a crook for the sake of the loot, but for the excitement I found in the game, and I usually gave the stuff away after I had had the fun of taking it. I haven’t much that would interest the Duke.”

The doctor’s lips curled in a way that indicated strong skepticism. “You will let me be the judge as to that, my friend. All I ask of you is that you tell me explicitly and veraciously where this collection of yours may be found.”

The Phantom drew himself up as far as the ropes permitted. The smile was still on his lips, but in the depths of his eyes lurked a hard glitter. “What if I refuse?”

“Why, man, you can’t refuse! You are in no position to do anything but surrender to my wishes.”