situation, but the more he considered the clues in his possession the more bewildered he became. One thing only stood out with alarming certainty—his cousin Madelon had gone to fetch a woman who loved him. So long as the adventure had concerned him only with the masked girl herself he had been eager to continue it. Now that it threatened to involve a second woman, he decided it was time to go.

She would return and find him gone. It would be a disappointment, perhaps, but not so great as his own at parting from her and leaving this mystery unsolved. He was somewhat proud of his exploits thus far, for in an hour's time he had met and bested two of his enemies and had changed a maiden's heart. No mean accomplishment for an idler! But why did she feel that she ought to despise him? Why had she risked so much for a man beloved by another? Why, under these circumstances, had she welcomed his advances and promised him a sight of her face—a kiss, perhaps? Above all, who were the Black Wolf, the Spider, and Cousin Alfred? He gave up puzzling over the affair and determined to get out of this stranger's house without delay.

It was evident that Cousin Alfred was a person of substance, for the study was furnished in rich old Santo Domingo mahogany, blood-red and flaming where the light struck it; the books were bound in uniform levant; the paintings were valuable; the bric-à-brac in irreproachable taste. An inlaid ivory humidor was filled with coronas at exactly the right degree of moisture. He removed the ground-glass stopper from an etched decanter and sniffed of the contents. The aroma brought a smile to his face, and, reflecting that the owner had robbed him, he took time to pour out a drink and to light a fragrant cigar. All gentlemanly housebreakers did the like, he reflected. Then he yielded to a whimsical notion and fumbled in his pocket, thinking to leave the price of his refreshments on the tray.

Midway in this purpose he paused. The breath hung in his throat, the hair at the back of his neck seemed to rise. He had heard no one enter the house, there had been no faintest stir since Madelon had left, he detected no sound whatever, and yet he was positive that eyes were boring into his back—that he was no longer alone. It was ridiculous, and yet—A gentle cough sounded behind him!

With a swift gesture he settled his mask back in place and, whirling around, beheld the most evil-appearing human being he had ever seen. The man was little and stooped and undersized, all but his head, which was unusually large. His face was fleshless and covered with a tight skin of 

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