"It looks to me like a swindle," Teddy replied, bluntly. "The things you sold were not worth half what you got for them."

"Six cents apiece for the chains, and five for the lockets is what I pay by the quantity," the fakir said, with a laugh.

"But you made the people think they were getting real watches."

"I was mighty careful to say nothing of the kind. They thought they saw a watch, and I told them I would make each purchaser a present of what was on the chain. Their idea was to get the best of me, and in that I didn't lose very much. It's a case of setting a thief to catch a thief, and the smartest man comes out ahead."

"But why did you leave all the money with me?"

"Because it sometimes happens that my customers make a kick, and try to get back their stuff by force, so I don't carry much cash in my pockets while I am on the fair grounds."

"Of course you are all through now. You can't expect to do the same thing over again."

"That's exactly what I shall do in about an hour, only in a different portion of the inclosure, and you'll see that I can catch just as many suckers as before."

Then, in order to be rid of the satchel, for it seemed as if he was really concerned in the swindle so long as it remained in his keeping, Teddy said he wanted to see what Dan and Sam were doing.

"Go ahead; I'll stay near by where I can keep an eye on the stuff, so you needn't let that worry you."