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characteristics, Markel—your voice is one of them. Shall I repeat that I do not like you?" He stepped to the back of the tree. "Pardon me if I draw this uncomfortably tight. I don't think you can reach around to the knot. No? The trunk is too large? Quite so!" He stepped around to face Markel again—the man was thoroughly frightened, his face was livid, his jaw sagged weakly, and his eyes followed every movement of the revolver in Jimmie Dale's hand in a sort of miserable fascination. Jimmie Dale smiled unhappily. "I am going to do something, Markel, that I should advise no other man to do—I am going to put you on your honour! For the next fifteen minutes you are not to utter a sound. Do you understand?"

      "Y-yes," said Markel hoarsely.

      "No," said Jimmie Dale sadly, "I don' think you do. Let me be painfully explicit. If you break your vow of silence by so much as a second, then to-morrow, or the next day, or the day after, at my convenience, Markel, you and I will meet again—for the LAST time. There can be no possible misapprehension on your part now—Markel?"

      "N-no,"—Markel could scarcely chatter out the word.

      "Quite so," said Jimmie Dale, in velvet tones. He stood for an instant looking at the other with cool insolence; then: "Good-night, Markel"—and five minutes later a great touring car was tearing New Yorkward over the Long Island roads at express speed.

      It was one o'clock in the morning as Jimmie Dale swung the car into a cross street off lower Broadway, and drew up at the curb beside a large office building. He got out, snuggled the cash box under his ulster, went around to the Broadway entrance, glanced up to note that a light burned in a fifth-story window, and entered the building.

      The hallway was practically in darkness, one or two incandescents only threw a dim light about. Jimmie Dale stopped for a moment at the foot of the stairs, beside the elevator well, to listen—if the watchman was making rounds, it was in another part of the building Jimmie Dale began to climb.

      He reached the fifth floor, turned down the corridor, and halted in front of a door, through the ground-glass panel of which a light glowed faintly—as though coming from an inner office beyond. Jimmie Dale drew the black silk mask from his pocket, adjusted it, tried the door, found it unlocked, opened it noiselessly, and stepped inside. Across the room, through another door, half open, the light streamed into the outer office, where Jimmie Dale stood.

      Jimmie Dale stole across the room, crouched by the door to look into the inner office—and his face went suddenly rigid.

      "Good God!" he whispered. "As bad as that!"—but it was a nonchalant Jimmie Dale to all outward appearances that, on the instant, stepped unconcernedly over the threshold.

      An elderly man, white-haired, kindly-faced, kindly-eyed, save now that the face was drawn and haggard, the eyes full of weariness, was standing behind a flat-topped desk, his fingers twitching nervously on a revolver in his hand. He whirled, with a startled cry, at Jimmie Dale's entrance, and the revolver clattered from his fingers to the floor.

      "I am afraid," said Jimmie Dale, smiling pleasantly, "that you were going to shoot yourself. Your name is Wilbur, Henry Wilbur, isn't it?"

      Unmanned, trembling, the other stood—and nodded mechanically.

      "It's really not a nice thing to do," said Jimmie Dale confidentially. "Makes a mess, you see, too"—he was pulling off his motor gauntlet, his ulster, his jacket, and, having set the cash box on the desk, was rolling back his sleeve as he spoke. "Had a little experience myself this evening." He held out his hand that, with the forearm, was covered with blood. "A little above the wrist—fortunately only a flesh wound—a little memento from a chap named Markel, and—"

      "MARKEL!" The word burst, quivering, from the other's lips.

      "Yes," said Jimmie Dale imperturbably. "Do you mind if I wash a bit—and could you oblige me with a towel, or something that would do for a bandage?"

      The man seemed dazed. In a subconscious way, he walked from the desk to a little cupboard, and took out two towels.

      Jimmie Dale stooped, while the other's back was turned, picked up the revolver from the floor, and slipped it into his trousers pocket.

      "Markel?" said Wilbur again, the same trembling anxiety in his voice, as he handed Jimmie Dale the towels and motioned toward a washstand in the corner of the room. "Did you say Markel—Theodore Markel?"

      "Yes," said Jimmie Dale, examining his wound critically.

      "You had trouble—a fight with him? Is he—he—dead?"

      "No," said Jimmie Dale, smiling a little grimly. "He's pretty badly hurt, though, I imagine—but not in a physical way."

      "Strange!" whispered Wilbur, in a numbed tone to himself; and he went back and sank down in his desk chair. "Strange that you should speak of Markel—strange that you should have come here to-night!"

      Jimmie Dale did not answer. He glanced now and then at the other, as he deftly dressed his wrist—the man seemed on the verge of collapse, on the verge of a nervous breakdown. Jimmie Dale swore softly to himself. Wilbur was too old a man to be called upon to stand against the trouble and anxiety that was mirrored in the misery in his face, that had brought him to the point of taking his own life.

      Jimmie Dale put on his coat again, walked over to the desk, and picked up the 'phone.

      "If I may?" he inquired courteously—and confided a number to the mouthpiece of the instrument.

      There was a moment's wait, during which Wilbur, in a desperate sort of way, seemed to be trying to rally himself, to piece together a puzzle, as it were; and for the first time he appeared to take a personal interest in the masked figure that leaned against his desk. He kept passing his hands across his eyes, staring at Jimmie Dale.

      Then Jimmie Dale spoke—into the 'phone.

      "MORNING NEWS-ARGUS office? Mr. Carruthers, please. Thank you."

      Another wait—then Jimmie Dale's voice changed its pitch and register to a pleasant and natural, though quite unrecognisable bass.

      "Mr. Carruthers? Yes. I thought it might interest you to know that Mr. Theodore Markel purchased a very valuable diamond necklace this afternoon. . . . Oh, you knew that, did you? Well, so much the better; you'll be all the more keenly interested to know that it is no longer in his possession. . . . I beg pardon? Oh, yes, I quite forgot—this is the Gray Seal speaking. . . . Yes. . . . The Gray Seal. . . . I have just come from Mr. Markel's country house, and if you hurry a man out there you ought to be able to give the public an exclusive bit of news, a scoop, I believe you call it—you see, Mr. Carruthers, I am not ungrateful for, I might say, the eulogistic manner in which the MORNING NEWS-ARGUS treated me in that last affair, and I trust I shall be able to do you many more favours—I am deeply in your debt. And, oh, yes, tell your reporter not to overlook the detail of Mr. Markel in his pajamas and dressing gown tied to a tree in his park—Mr. Markel might be inclined to be reticent on that point, and it would be a pity to deprive the public of any—er—'atmosphere' in the story, you know. . . . What? . . . No; I am afraid Mr. Markel's 'phone is—er—out of order. . . . Yes. . . . And, by the way, speaking of 'phones, Mr. Carruthers, between gentlemen, I know you will make no effort under the circumstances to discover the number I am calling from. Good-night, Mr. Carruthers." Jimmie Dale hung the receiver abruptly on the hook.

      "You see," said Jimmie Dale, turning to Wilbur—and then he stopped. The man was on his feet, swaying there, his face positively gray.

      "My God!" Wilbur burst out. "What have you done? A thousand times better if I had shot myself, as I would have done in another moment if you had not come in. I was only ruined then—I am disgraced now. You have robbed Markel's safe—I am the one man in the world who would have a reason above all others for doing that—and Markel knows it. He will accuse me of it. He can prove I had a motive. I have not been home to-night. Nobody knows I am here. I cannot prove an alibi. What have you done!"

      "Really," said Jimmie Dale, almost plaintively, swinging himself up on the corner of the desk and taking the cash box on his knee, "really, you are alarming yourself unnecessarily. I—"

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