r been anything
in his conduct to suggest that he would behave as he had done. And,
moreover in New York he had seemed a plodding, stolid business man, and
had never seemed to have it in him to play a part in the sort of
intrigue that so evidently occupied much of his time in Semlin.

For a time the room was absolutely quiet. Dick wondered where Steve had
gone. He was sure, somehow, that his chum was within reach, probably
within hearing, waiting like himself for Hallo to do something. And Dick
guessed, too, that Steve must have discovered by this time that the
boathouse was empty, and thought that perhaps it was in search of him
that Steve was here. That worried him, but for the time there was
nothing to be done; he could only wait. The one preparation he could
make for whatever might be coming was to get very close to the edge of
his shelter, so that he could with little risk peep out from time to
time. Each time that he looked out he saw Hallo, head bent low over the
table, writing furiously.

Then came the break in the tension. Outside, echoing on the flags, came
hurried footsteps. Dick listened eagerly. They turned in and came
clattering up the steps. He dared not risk a peep just then to see who
was coming. For the time, he decided, his ears must do the work of his
eyes as well as their own share. He heard Hallo spring up, overturning
his chair.

"You! Here?" cried Hallo, in a low voice. "Are you mad, man?"

"No. I had to come," said the newcomer. "It was impossible to send word,
and you had to know--someone had to know! I suppose it was risky for me
to come here, but they are all at work. All except Milikoff, and I don't
know where he is."

"He led a band of assassins who tried to kill me earlier in the
evening," growled Hallo. "But there are others, at least two others,
here somewhere. They came in this evening, from the other side."

"From the other side?" said the stranger, in amazement. "But how could
that be? The river front is guarded so that a strange fly could hardly
cross from Belgrade to Semlin!"

"Don't you know of the boathouse near Milikoff's place?"

Hallo's tone was suddenly menacing. Dick could imagine that he was
leaning forward, pushing his heavy jaw into the face of the other man.
He remembered that trick of the Hungarian's.

"Boathouse--near Milikoff's? No!" stammered the other. "I never heard of
it before!"

"H'mph!" Hallo's voice expressed doubt, distrust. "Perhaps not! Well, I