“You say your mother found it two years ago in Central Park?”

“Yes, sir.”

“It is a valuable ring. I should be willing to buy it for two hundred and fifty dollars, if I were quite certain that you had a right to dispose of it.”

“I have told you the truth, Mr. Tiffany,” said Paul, a little nettled at having his word doubted.

“That may be, but there is still a possibility that the original owner may turn up.”

“Won't you buy it, then?” asked Paul, disappointed, for, if he were unable to dispose of the ring, he would have to look elsewhere for the means of buying out Barry's street stand.

“I don't say that; but I should want a guaranty of indemnity against loss, in case the person who lost it should present a claim.”

“In that case,” said Paul, “I would give you back the money you paid me.”

Mr. Tiffany smiled.

“But suppose the money were all spent,” he suggested. “I suppose you are intending to use the money?”