Lynch stepped into the room. He smiled blandly.

"Hello, boys. You don't look as if you were expecting me."

"We weren't--exactly," Cron muttered. "What do you want, Max? You
know I've warned you not to come here."

The gambler had been making a quick survey of the room. His eyes came
to rest on the Rembrandt. He smiled again, unpleasantly.

"Say, who are you anyway?" Hoges demanded angrily. "What business do
you have with us?"

"My business is with your pal, Hanley Cron. We're partners."

"Partners?" Hoges echoed, his eyes narrowing. He wheeled toward Cron.
"If you've been double crossing me----"

"Oh, calm down," Cron said sharply. "Lynch and I had a little private
business together but it has nothing to do with the picture racket."

"I'm not so sure about that," the other retorted. "You've been
collecting all the money. Maybe you've stuck some of it into your
pocket."

"I didn't come here to start an argument," Lynch interposed. "But I'll
not stand for any monkey business either. Hand over the pearls, Cron!"

"I don't have them. I told you once that girl----"

"Yes, you've told me a good many things, Cron. But I happen to know
you have the necklace. Hand it over or----"

The threat was left unsaid for at that unfortunate moment Penny felt an
overpowering impulse to sneeze. She buried her face in her
handkerchief but succeeded in only partially muffling the sound.

Immediately, the closet door was flung open and she was found cowering
there. Cron dragged her from her hiding place.

"So you've been listening!" he sneered.

"Yes," said Penny boldly. "And I've heard enough to confirm what I've
always believed. You are the person who stole the Rembrandt from the
Gage Galleries! You're a cheap trickster who pawns himself off as a
gentleman!"

As she uttered the tirade, the girl made a quick dive for the door, but
Max Lynch caught her by the arm and flung her back.

"Not so fast, Miss Nichols," he muttered. "This is once when you won't
go tattling to the police or to that father of yours!"

The discovery of Penny hiding in the closet had brought an abrupt end
to the quarrel. In the face of the new emergency, the four crooks laid
differences aside to consider what must be done.

"Tie her up!" Cron ordered harshly.

Penny's arms and legs were securely bound with stout cord, a gag was
drawn over her mouth, and she was unceremoniously thrown back into the
closet. But she could st