courteous bearing, had wormed himself into the younger man'sconfidence. A dozen times Max had been his host, but on each occasionthe other took good care to quickly return the hospitality. To Max herepresented himself as resident in Constantinople. A few years ago hehad been fortunate enough to obtain a concession from the OttomanGovernment which, being floated in Paris, had placed him in a verycomfortable position; and he was now about to aim for bigger and morelucrative things.

  "You see," he was saying as he produced an official report to theForeign Office--a pamphlet-like document in a blue paper cover--"here iswhat our consul in Belgrade reported on the scheme two years ago. Sucha line, he says, would tap nearly half the trade that now goes toOdessa, besides giving Servia a seaport. It will be the biggest thingin railways for years, depend upon it."

  Max went to the writing-table, where the lamp was burning, and glancedthrough the paragraphs of the consular report and several other printeddocuments which his friend handed to him in succession. Then Adamproduced a map, and upon it traced the route of the proposed line.

  "Well," Barclay said at last, rising and lighting a cigar.

  "It all seems pretty plain sailing. I'll go to-morrow and see oldStatham about it. His secretary, Rolfe, is a friend of mine."

  "No, Mr Barclay," said the wily Adam. "If I were you I would not."

  "Why?"

  "Well, if you do, you'll queer all our plans--both yours and mine," hemused vaguely.

  "How?"

  "Sam Statham has agents in Constantinople--agents who could offer Muhildouble the price immediately, and the ground would be cut from under ourfeet. Statham knows a good thing when he sees it, you bet, and if heknew anything about this he wouldn't stick at a thousand or two."

  "Then he doesn't know?"

  "At present he can't know. It is a secret between Muhil, Osman, andmyself?"

  "And what about the French people?"

  "Of course they know; but they're not such fools as to let out thesecret," replied Adam.

  "Well, what do you suggest?" Max asked, taking a pull at the longtumbler.

  "That we keep the affair strictly to ourselves. Once we have theconcession in our hands there'll be a hundred men in the City ready totake it up. Why, old Statham would give us a big profit on it,especially if, as you say, you know his secretary."

  "That was his secretary's sister whom you met with me to-night," Maxremarked.

  "What an extremely pretty girl," exclaimed Adam enthusiastically.

  "Think so?" asked Barclay with a smile of satisfaction. "Why, ofcourse. A face like here isn't seen every day. I was much struck withit when I first noticed you from the circle, and wondered whom she mightbe. Rolfe's her name, is it?" he added with a feigned air ofuncertainty.

  "Yes. Charlie Rolfe is old Sam's confidential secretary."

  "Well, afterwards, through him, we might interest Sam," remarked Adam."What we have first to do is to get hold of the concession."

  "But how?"

  "By buying it."

  The two men smoked in silence. Adam's quick eye saw that the affair wasfull of attraction for the man he had marked down as victim.

  "You mean that I should put twelve thousand into it?" he said.

  "Not at all," responded the wily Adam at once. "In any case I do notpropose that you should put up the whole sum. My idea is that we shouldput up six thousand each."

  "And go shares?"

  "And go shares," repeated Adam, knocking the ash from his cigar. "Butprior to doing so I think it would be only right for you to go out toConstantinople, see Muhil, and ascertain the truth of the whole affair.You have only my word for it all--and the letter. I quite admit thatthey are not sufficient guarantee for you to put down six thousand. Youare too good a business man for that."

  Max was flattered by that last sentence.

  "Well," he said smiling, "I really think it would be more satisfactoryif I had--well, some confirmation of all these comments."

  "You can obtain that at once by going out to Constantinople," declaredAdam. "You'll be out and home in ten days, and I'll go with you," headded persuasively.

  "Well, I shall have to consider it," the younger man replied after abrief pause.

  "There is very little time to consider," Adam said. "The French peopleare at work, and if they raise the purchase price to Muhil we shall becompelled to do the same."

  "But we can get an option, I suppose?"

  "I have it. But it expires in ten days from to-morrow. After thatMuhil will make the best terms he can with the French. The latter willhave to pay through the nose, no doubt, but they'll get it, withoutdoubt. Their Embassy is helping them."

  "And how long can I have to decide?"

  "To reach Constantinople in time we have six days more. We might thentake the Orient Express from Paris and just do it. But," he added, "ofcourse if your inclination is against the journey and inquiry I hopeyou'll allow me to assess it before somebody else. Personally," helaughed, "I can't afford to miss this chance of making a fortune. This,remember, is no wild mining speculation: it's solid, bed-rockenterprise. The Servians surveyed the line four years ago and got outplans and estimates. There's a printed copy of them at the ServianConsulate here in London. So it's all cut-and-dried."

  "Well I hope, Adam, you'll allow me a little time to reflect. Sixthousand is a decent sum, you know."

  "I don't want it until you've been out there and seen Muhil, MrBarclay," Adam declared. "Indeed, I refuse to touch it until you havepersonally satisfied yourself of the _bona fides_ of the scheme. Muhilhimself must first assure you of the existence of the _irade_, and thatit is actually in is possession. Then I will put up six thousand if youwill put up the balance."

  "And if it is more than twelve?"

  "Why, we share the increase equally, of course."

  "Very well. So far as it goes it is agreed," said Max. "It onlyremains whether I go out to Turkey, or not."

  "That's all. The sooner you can decide, the better for our plans," Adamremarked. "Only take good care that old Statham does not learn what'sin the wind. You know him, I believe?"

  "Yes, slightly. He's a queer old fellow--very eccentric."

  "So I've heard," said the other, betraying ignorance. What would MaxBarclay have thought if he had witnessed that scene so recently when themillionaire had glanced out of his cosy library and seen the shabbystranger lounging against the railings of the Park? What, indeed, wouldhe have thought if he had witnessed old Sam's consequent agitation, oroverheard his confession to Rolfe?

  But he knew nothing of it all. Adam had shown him the best side of hisnature--the easy-going and keen money-making cosmopolitan whose mannerwas so gentlemanly and so very charming. He had not seen the other--theside which Samuel Statham knew too well.

  Adam, seated there in the big saddle-bag chair, in the full enjoyment ofthe excellent cigar, knew that with the exercise of a little furtheringenuity he would make the first step towards the goal he had in view.He was a man who took counsel of nobody, and even the old hunchbackLyle, his closest friend, knew nothing of his object in drawing MaxBarclay, until recently a perfect stranger, into the fatal net spreadfor him.

  He smiled within himself as he calmly contemplated his victim throughthe haze of tobacco smoke. The dock upon the mantelshelf had strucktwo.

  He took a final drink, slipped on his coat, and with a merry _bon soir_and an injunction to make up his mind and wire him at the earliestmoment, he shook his friend's hand and went out.

  Max sat alone for a long time, still smoking. In his ignorance he wasreflecting that the business seemed a sound one. Adam had not asked himto put down money before full inquiry, and had, at the same time,offered to put up half. This latter fact, in itself, showed that hisfriend had confidence in the scheme.

  And so, before he turned in that night, he had practically made up hismind to pay a flying visit to the Sultan's capital. There could be noharm done, he argued. He had never been in Constantinop
le, and to gothere with a resident like Adam was in itself an opportunity not to bemissed.

  Meanwhile the astute concession-hunter, as he drove to Addison Road in acab, was calmly plotting a further step in the direction he was slowlybut surely following. His daring and ingenuity knew no bounds. He wasa man full of energy and resource, unabashed, undaunted, unscrupulous,and yet to all, even to his most intimate friend, a perfect sphinx.

  The second step in his progress he took on the evening of the day after.

  In the afternoon, about four, a