her later at one of those great mansions in the Boulevard Haussmann. The house was enlaced with scaffolding and workmen swarmed over its roof.

“It’s old Miss Woodwarde’s house,” Monty explained. “She’s worth millions and will probably leave it to Alice, who doesn’t need any, because she’s the only one of all her relatives who speaks the truth and doesn’t fawn and flatter.”

“It takes greater strength of mind than poor relations usually have, to tell rich relatives the truth,” Steven reminded him.

Monty had evidently recovered his good spirits. “I knew you’d like her,” he said later, “and I knew she’d take to you. We’ll have a corking dinner and a jolly good time.”

“There’s one thing I want to ask of you,” Denby said gravely. “Don’t give any particulars about me. If she’s the sort I think her she won’t ask, but you’ve got a bad habit of wanting people to hear how I fished you out of the river. I want to slip into New York without any advertisement of the fact. I’m not the son of a plutocrat as you are. I’m the hard-up son of a man who was once rich but is now dead and forgotten.”

“Do hard-up men hand a million francs across for a string of pearls to put in their tobacco-pouches?” Monty demanded shrewdly.

“You may regard that as an investment if you like,” Denby answered. “It may be all my capital is tied up in it.”

“You’re gambling for a big stake then,” Monty said seriously. “Is it worth it, old man?”

For a moment he had an idea of offering him a position in some of the great corporations in which his father was interested, but refrained. Steven Denby was not the kind of man to brook anything that smacked of patronage and he feared his offer might do that although otherwise meant.

“It means a whole lot more to me than you can think,” Denby returned. “I have made up my mind to do it and I think I can get away with it in just the way I have mapped out.” Then, with a smile: “Monty, I’ve a proper respect for your imaginative genius, but I’d bet you the necklace to the tobacco-pouch that you don’t understand how much I want to get that string of pearls through the customs.”

“The pouch is yours,” Monty conceded generously. “How should I guess? How do I know who’s a smuggler or who isn’t? Alice says she always gets something through and for all I know may have a ruby taken from the eye of a Hindoo god in her back hair!”

He looked at his friend eagerly, a new thought striking him. He often surprised himself in romantic ideas, ideas for which Nora was responsible.

“Perhaps you are taking it for someone, someone you’re fond of,” he suggested.

“Why not?” Denby returned. “If I were really fond of any woman I’d risk more than that to please her.”

Monty noticed that he banished the subject by speaking of Alice Harrington’s penchant for smuggling.

“I hope Mrs. Harrington won’t run any risks,” he said. “In her case it is absolutely senseless and unnecessary.”

“Oh, they’d never get after her,” Monty declared. “She’s too big. They get after the little fellows but they’d leave Mrs. Michael Harrington alone.”

“Don’t you believe it,” his friend answered. “They’re doing things differently now. They’re getting a different class of men in the Collector’s office.”

“I suppose you’d like the old style better,” Monty observed.

“Oh, I don’t know,” said the other. “It’s more risky now and so one has to be cleverer. I’ve often heard it said the hounds have all the fun and the fox none.

“I’m not so sure of that, Monty; I think a fox that can fool thirty couple of hounds and get back to his earth ought to be a gladsome animal.”

“I’ll find out when we’re in West Street, New York,” Monty said grimly. “I’ll take particular notice of how this fox acts and where the hounds are. If you harp on this any more I shall lose my appetite. What about Voisin’s?”

“Eat lightly,” Denby counseled him. “I’m going to treat you to a remarkable meal to-night; I know the chef at the Ambassadeurs, and the wine-steward feeds out of my hand.”

“I don’t see why you shouldn’t buy necklaces like that if you have those Ambassadeurs waiters corralled. They soaked me six francs for a single peach once,” Monty said reminiscently. But he wondered, all the same, how it was Steven should be able to fling money away as he chose.

His friend looked at him shrewdly. “You’re thinking I ought to patronize the excellent Duval,” he observed. “Well, sometimes I do. I think I’ve patronized most places in Paris once.”

“Steve, you’re a mystery,” Monty asserted.

“I hope I am,” said the other; “I make my living out of being just that.”

They walked in silence to the Rue St. Honoré, Monty still a bit uneasy at being in a crowded place with a friend in whose pocket was a million francs’ worth of precious stones. Once or twice as the pocket gaped open he caught a glimpse of the worn pigskin pouch. Steven was taking wholly unnecessary risks, he thought.

As they were leaving Voisin’s together after their luncheon it happened that Monty walked behind his friend through the door. Deftly he inserted his hand into the gaping pocket and removed the pouch to his own. He chuckled to think of the object lesson he would presently dilate upon.

When they were near one of those convenient seats which Paris provides for her street-living populace Monty suggested a minute’s rest.

With an elaborate gesture he took out the pouch and showed it to Denby.

“Did you ever see this before?” he demanded.

“I’ve got one just like it,” his friend returned without undue interest. “Useful things, aren’t they, and last so much longer than the rubber ones?”

“My pouch,” said Monty, beginning to enjoy his own joke, “looks better inside than outside. I keep in it tobacco I grow in my private orchid house. Look!”

He pulled back the flap and held it out to Denby.

Denby gazed in it obediently with no change of countenance.

“You’re not a heavy smoker, are you?” he returned.

Instantly Monty gazed into it. It was empty except for a shred of tobacco.

“Good God!” he cried. “They’ve been stolen from me and they put the pouch back!”

“What has?” the other exclaimed.

“The pearls,” Monty groaned. “I took them for a joke, and now they’re gone!”

He looked apprehensively at Steven, meditating meanwhile how quickly he could turn certain scrip he held into ready money.

Steven evinced no surprise. Instead he rose from his seat and placed a foot upon it as though engaged in tying a lace. But he pointed to the cuff on the bottom of the trouser leg that was on the seat by Monty’s side. And Monty, gazing as he was bid, saw his friend’s slender fingers pick therefrom a string of pearls.

“I know no safer place,” Denby commented judicially. “Of course the customs fellows are on to it, but no pickpocket who ever lived can get anything away from you if you cache it there. On board ship I shall carry it in my pocket, but this is the best place in Paris when one is in strange company.”

Monty said no word. His relief was too great and he felt weak and helpless.

“What’s the matter?” Denby demanded.

“I want a drink,” Monty returned, “but it isn’t on you.”