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Pelham instantly saw his mistake, and his features moved convulsively for a moment before he could bring them under control. In the death-like silence that ensued the ticking of the clock was distinctly audible, and it seemed to Farnham’s excited fancy to be solemnly marking off the few minutes that remained before the closing in of the net. Then, with a sang-froid which under the circumstances was amazing, Pelham began to unbutton the sleeve-link on his left wrist. “That is not necessary, Mr. Pelham,” said the inspector, with his deadly gaze still upon the other’s face. “Your word will be sufficient in this case,” with an unpleasant inflection upon the last words which caught Farnham’s alert attention at once. By this time the tension on his nerves had become almost unbearable, and as he moistened his dry lips and clinched his hands, he felt that he was perhaps the most agitated man in the