room as if looking for some indication which only he would see. Then he pointed a pudgy finger across the room, toward a table near the open windows. His wrist-watch showed itself, indented in his fat wrist. He uttered a series of cryptic syllables in a round, authoritative voice. There was a sudden roaring noise. Smoke rushed up from the table. It formed a ghostly, pear-shaped figure inside the room. It hovered a moment, looking alive and menacing, then darted swiftly out the window. It was singularly convincing. Coghlan considered. After a moment he said thoughtfully: "Last night you explained the principle of magic. You do something in advance, which I know nothing about. Then, later, you do something else which seems to produce remarkable results. And I am supposed to think that what you do later produced the results which you had arranged earlier." "That is true. But this particular demonstration?" "I'd guess," suggested Coghlan, "that you put a little smoke-squib on the table there--I hope in an ashtray. It had a fuse, which you lighted from your cigarette. You did this while I was bandaging my finger in the other room. You knew how long the fuse would burn. And you have a sweep-second watch on your wrist. Still, you must have had long practise timing a conversation to lead up to your effect at just the instant the fuse will set off the squib." Appolonius' eyes grew intent. Coghlan added: "And the table's by the window and there's a draft going out. It looked like an evil spirit leaping up from my ashtray, and then flowing out the window and away. Effective!" "A compliment from you, Mr. Coghlan," said Appolonius, unsmiling, "is a compliment indeed. But I penetrate your illusions as readily as you do mine. More readily!" Coghlan looked at his bandaged thumb, and then up. "Now, what do you mean by that?" "I think it would be well to consider," said Appolonius, harshly, "that I can unmask you at any instant." "Oh!" said Coghlan, in lively interest. "You think I'm in a conspiracy with Duval and Lieutenant Ghalil to swindle Mannard out of some money?" "I do," said Appolonius. "I could explain to Mr. Mannard. Shall I?" Coghlan found himself amused. "So you know everything! Tell you what, Appolonius. If you'll explain the refrigeration business I'll let you in on everything else!" He explained carefully: "I mean the refrigeration at 80 Hosain, where we went last night. Elucidate that, and I'll tell you everything I know!" Appolonius' eyes wavered. He said contemptuously: "I am not to be trapped so easily! That is a foolish question!" "Try to answer it!" Coghlan waited with a dry patience. "You can't? My dear Appolonius! You don't even know what I'm