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were worked up to the highest pitch of tension, and my hearing was so acute that I could not only hear the gentle breathing of my companions, but I could distinguish the deeper, heavier in-breath of the bulky Jones from the thin, sighing note of the bank director. From my position I could look over the case in the direction of the floor. Suddenly my eyes caught the glint of a light.

At first it was but a lurid spark upon the stone pavement. Then it lengthened out until it became a yellow line, and then, without any warning or sound, a gash seemed to open and a hand appeared, a white, almost womanly hand, which felt about in the centre of the little area of light. For a minute or more the hand, with its writhing fingers, protruded out of the floor. Then it was withdrawn as suddenly as it appeared, and all was dark again save the single lurid spark which marked a chink between the stones.

Its disappearance, however, was but momentary. With a rending, tearing sound, one of the broad, white stones turned over upon its side and left a square, gaping hole, through which streamed the light of a lantern. Over the edge there peeped a clean-cut, boyish face, which looked keenly about it, and then, with a hand on either side of the aperture, drew itself shoulder-high and waist-high, until one knee rested upon the edge. In another instant he stood at the side of the hole and was hauling after him a companion, lithe and small like himself, with a pale face and a shock of very red hair.

“It’s all clear,” he whispered. “Have you the chisel and the bags? Great Scott! Jump, Archie, jump, and I’ll swing for it!”

Sherlock Holmes had sprung out and seized the intruder by the collar. The other dived down the hole, and I heard the sound of rending cloth as Jones clutched at his skirts. The light flashed upon the barrel of a revolver, but Holmes’ hunting crop came down on the man’s wrist, and the pistol clinked upon the stone floor.

“It’s no use, John Clay,” said Holmes blandly. “You have no chance at all.”

“So I see,” the other answered with the utmost coolness. “I fancy that my pal is all right, though I see you have got his coattails.”

“There are three men waiting for him at the door,” said Holmes.

“Oh, indeed! You seem to have done the thing very completely. I must compliment you.”

“And I you,” Holmes answered. “Your redheaded idea was very new and effective.”

“You’ll see your pal again presently,” said Jones. “He’s quicker at climbing down holes than I am. Just hold out while I fix the derbies.”

“I beg that you will not touch me with your filthy hands,” remarked our prisoner as the handcuffs clattered upon his wrists. “You may not be aware that I have royal blood in my veins. Have the goodness, also, when you address me always to say ‘sir’ and ‘please.’ ”

“All right,” said Jones with a stare and a snigger. “Well, would you please, sir, march upstairs, where we can get a cab to carry your Highness to the police-station?”

“That is better,” said John Clay serenely. He made a sweeping bow to the three of us and walked quietly off in the custody of the detective.

“Really, Mr. Holmes,” said Mr. Merryweather as we followed them from the cellar, “I do not know how the bank can thank you or repay you. There is no doubt that you have detected and defeated in the most complete manner one of the most determined attempts at bank robbery that have ever come within my experience.”

“I have had one or two little scores of my own to settle with Mr. John Clay,” said Holmes. “I have been at some small expense over this matter, which I shall expect the bank to refund, but beyond that I am amply repaid by having had an experience which is in many ways unique, and by hearing the very remarkable narrative of the Redheaded League.”

“You see, Watson,” he explained in the early hours of the morning as we sat over a glass of whisky and soda in Baker Street, “it was perfectly obvious from the first that the only possible object of this rather fantastic business of the advertisement of the League, and the copying of the Encyclopedia, must be to get this not over-bright pawnbroker out of the way for a number of hours every day. It was a curious way of managing it, but, really, it would be difficult to suggest a better. The method was no doubt suggested to Clay’s ingenious mind by the colour of his accomplice’s hair. The £4 a week was a lure which must draw him, and what was it to them, who were playing for thousands? They put in the advertisement, one rogue has the temporary office, the other rogue incites the man to apply for it, and together they manage to secure his absence every morning in the week. From the time that I heard of the assistant having come for half wages, it was obvious to me that he had some strong motive for securing the situation.”

“But how could you guess what the motive was?”

“Had there been women in the house, I should have suspected a mere vulgar intrigue. That, however, was out of the question. The man’s business was a small one, and there was nothing in his house which could account for such elaborate preparations, and such an expenditure as they were at. It must, then, be something out of the house. What could it be? I thought of the assistant’s fondness for photography, and his trick of vanishing into the cellar. The cellar! There was the end of this tangled clue. Then I made inquiries as to this mysterious assistant and found that I had to deal with one of the coolest and most daring criminals in London. He was doing something in the cellar⁠—something which took many

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