Carruthers, very evidently, liked neither the man nor his manners, but Carruthers, above everything else, was a gentleman.

"To be perfectly frank with you, Mr. Markel," he said a little frigidly, "I don't believe in this sort of thing. It's all right from a newspaper standpoint, and we do it; but it's just in this way that owners of valuable jewelry lay themselves open to theft. It simply amounts to advising every crook in the country that you have a quarter of a million at his disposal, which he can carry away in his vest pocket, once he can get his hands on it -- and you invite him to try."

Jimmie Dale laughed. "What Carruthers means, Markel, is that you'll have the Gray Seal down your street. Carruthers talks of crooks generally, but he thinks in terms of only one. He can't help it. He's been trying so long to catch the chap that it's become an obsession. Eh, Carruthers?"

Carruthers smiled seriously. "Perhaps," he admitted. "I hope, though, for Mr. Markel's sake, that the Gray Seal won't take a fancy to it -- if he does, Mr. Markel can say good-bye to his necklace."

"Pouf!" coughed Markel arrogantly. "Overrated! His cleverness is all in the newspaper columns. If he knows what's good for him, he'll know enough to leave this alone."

Jimmie Dale was leaning over the table poking gingerly with the tip of his forefinger at the centre stone in the setting, revolving it gently to and fro in the light -- a very large stone, whose weight would hardly be less than fifteen carats. Jimmie Dale lowered his head for a closer examination -- and to hide a curious, mocking little gleam that crept into his dark eyes.

"Yes, I should say you're right, Markel," he agreed judicially. "He ought to know better than to touch this. It -- it would be too hard to dispose of."

"I'm not worrying," declared Markel importantly.

"No," said Jimmie Dale. "Two hundred and ten thousand, you said. Any special -- er -- significance to the occasion, if the question's not impertinent? Birthday, wedding anniversary -- or something like that?"

"No, nothing like that!" Markel grinned, winked secretively, and rubbed his hands together. "I'm feeling good, that's all -- I'm going to make the killing of my life to-morrow."

"Oh!" said Jimmie Dale.

Markel turned to Carruthers. "I'll let you in on 

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