“And do I understand that you apply the name thief to me?”

“My words were quite plain, I think,” responded Ray.

“I think not. I think they need considerable explanation,” said Howard, moving a little nearer.

“That depends upon how much of our conversation you have heard,” answered Ray. “If you were here when I questioned Ridley a few moments ago, I hardly think any explanation is needed.”

It was evident that Howard had not overheard all that had been said.

“I don’t know anything about Ridley,” he rejoined in a louder tone of voice; “but I know that you have called me a thief, and I intend to have satisfaction for it.”

“Satisfaction!” echoed Ray, his lip curling.

“That’s what I said,” continued Howard, growing bolder and more threatening as he saw how quiet his opponent was. He made, however, a great mistake in taking Ray’s calmness of manner as an indication of timidity.

He coolly measured Howard from head to foot with a glance of contempt.