"Certainly not. It looks wise, but it never GETS wise. Oh, believe me, Poultney Illis is hopping mad. I s'pose he's over here now to renew the arrangement for another three years on behalf of his stock-holders. Let's have a dram." Bulker sat back and stared as through a mist at his companion, enjoying the effect of his disclosure. O'Neil was indeed impressed--more deeply than his informant dreamed. Out of the lips of a drunken man had come a hint which set his nerves to tingling. He knew Illis well, he knew the caliber of the Englishman, and a plan was already leaping in his brain whereby he might save the S. R. & N. It lacked an hour of midnight when O'Neil escaped from Bulker and reached his room. Once inside, he seized the telephone and rang up hotel after hotel, inquiring for the English capitalist, but without result. After a moment's consideration he took his hat and gloves and went out. The matter did not permit of delay. Not only were his own needs imperative, but if Poultney Illis had come from London to confer with his rivals there was little time to spare. Remembering the Englishman's habits, O'Neil turned up the Avenue to the Waldorf, where he asked for the manager, whom he well knew. "Yes, Mr. Illis is here," he was informed, "but he's registered under a different name. No doubt he'll be glad to see you, however." A moment later Murray recognized the voice of Illis's valet over the wire and greeted him by name. Another brief delay, and the capitalist himself was at the 'phone. "Come right up," he said; and O'Neil replaced the receiver with a sigh of relief. Illis greeted him warmly, for their relations had been close. "Lucky you found me," he said. "I'm going back on the next sailing." "Have you signed up with the Arctic Navigation Company?" Murray inquired; and the other started. "Bless me! What do you mean?" His caller laughed. "I see you haven't. I don't think you will, either, after you've talked with me." Without the tremor of an eyelash Illis exclaimed: "My word! What are you driving at?" "That agreement over freight rates, of course." The Briton eyed him for a moment, then carefully closed the door leading from his sitting-room, and, seating himself, lit a cigar. "What do you know about that matter?" he asked, quietly. "About all there is to know--enough, at least, to appreciate your feelings." "I flattered myself that my affairs were private. Where did you get your information?" "I'll tell you if you insist, although I'd rather not. There's no danger of its becoming public." Illis showed his relief. "I'm glad. You gave me a start. Rotten fix for a man to be in. Why, I'm here under an assumed name! Fancy! But--" he waved his hand in a gesture which showed his acceptance of the inevitable. "You haven't made your new agreement?" "I'm to meet Blum and Capron to-morrow." "Why didn't you take the S. R.& N. when I cabled you last month?" "I couldn't. But what has that to do with the matter?"