containing them rested in front of the auctioneer and three policemen
in uniform stood guard on either side.

* * * * *

Very quietly the auctioneer began by saying that there was no need for
him to expatiate on the notable character of the treasure he was
privileged to offer for sale, and with this preliminary, he requested
those present to bid. Someone offered twenty thousand francs, which
was received with much laughter; then the bidding went steadily on
until it reached nine hundred thousand francs, which I knew to be less
than half the reserve the Government had placed upon the necklace. The
contest advanced more slowly until the million and a half was touched,
and there it hung fire for a time, while the auctioneer remarked that
this sum did not equal that which the maker of the necklace had been
finally forced to accept for it. After another pause he added that, as
the reserve was not exceeded, the necklace would be withdrawn, and
probably never again offered for sale. He therefore urged those who
were holding back to make their bids now. At this the contest livened
until the sum of two million three hundred thousand francs had been
offered, and now I knew the necklace would be sold. Nearing the three
million mark the competition thinned down to a few dealers from
Hamburg and the Marquis of Warlingham, from England, when a voice that
had not yet been heard in the auction room was lifted in a tone of
some impatience:--

'One million dollars!'

There was an instant hush, followed by the scribbling of pencils, as
each person present reduced the sum to its equivalent in his own
currency--pounds for the English, francs for the French, marks for the
German, and so on. The aggressive tone and the clear-cut face of the
bidder proclaimed him an American, not less than the financial
denomination he had used. In a moment it was realised that his bid was
a clear leap of more than two million francs, and a sigh went up from
the audience as if this settled it, and the great sale was done.
Nevertheless the auctioneer's hammer hovered over the lid of his desk,
and he looked up and down the long line of faces turned towards him.
He seemed reluctant to tap the board, but no one ventured to compete
against this tremendous sum, and with a sharp click the mallet fell.

'What name?' he asked, bending over towards the customer.

'Cash,' replied the American; 'here's a cheque for the amount. I'