character, between Merton and the
counterfeiters. Unless some such connection were established, it
would be hard to believe that Merton had been the Sheridan Road
victim. Yet the coincidences of this disappearance, the evidences of
a crime, and the cuff button initialed "M," possessed too strong a
significance to be entirely disregarded.

At the third club Marsh secured practically no information. Merton
had been an infrequent visitor and had made little or no impression
upon the employees.

Walking north on Dearborn Street and across Madison Street, on his
way from this club to Merton's hotel, Marsh thought quickly. If he
could not at this time establish a connection, then at least he
would try to ascertain the nature of the bait which had been held
out to take this man of quiet habits to the North Side at two
o'clock in the morning.

On reaching the hotel he found that it was still too early to
interview the people he wished to see, so he sat down in one of the
big chair in the lobby to pass the time studying the aspects of the
case.

Even when his mind was busy, Marsh's eyes were on the alert, and
faces met under the most trivial circumstances, photographed
themselves upon his memory. His eyes rested casually upon a man who
sat opposite him, looking over an evening paper. Gradually Marsh
began to feel that the face was familiar. With this realization came
the recollection that the man had seated himself very quickly after
Marsh had selected his chair. Perhaps his recognition of the face
was something that came out of the past, but Marsh always endeavored
to connect every noticeable incident with the problem of the moment.
It was not long, therefore, before he had placed the man. On coming
out of the office building where he had made his temporary address
arrangements, he had passed this man standing near the door and also
remembered seeing the same man in the grill room where he had
lunched. The fact that the man was now seated near him in the hotel
lobby was more than a coincidence. Marsh's eyes roved about the
lobby with apparently careless interest, and not even the man across
from him could have guessed that he had noted anything or become
more watchful than before. However, he was planning action. If this
man was watching him there could be but one reason--his connection
with the present case. If he was connected with this case then he
was evidently one of the men they wanted. Marsh intended to be sure.