ed. Then instead of trying to sell the stolen picture they made
copies of it, disposing of the duplicate many times and at a handsome
profit.

Penny was not certain as to Max Lynch's connection with the men, but
mention of the pearls suggested to her that Cron and the gambler had
relieved Mrs. Dillon of her necklace. She recalled that the art critic
had made a point of learning the exact hour when the woman would carry
the pearls to the bank vault. Was it not likely that he had proposed
the meeting solely as a means of providing an opportunity for the
robbery?

When Penny considered Amy Coulter's part in the affair, she was without
a theory. She wondered if she would ever know whether or not the girl
was involved with the gang.

Presently Penny became aware of a crackling noise in the building. At
first she paid it slight heed, but as the strange sound became louder,
she listened intently. She could hear timbers snapping and cracking
and the interior of the closet was growing uncomfortably warm. Even
then the horrible truth did not dawn upon her.

She heard excited shouts and running footsteps. Suddenly Penny
distinguished a cry which struck terror to her heart.

"Fire! Fire!"

She was momentarily stunned. Then, realizing that she was trapped in a
burning building, she struggled desperately to free herself. She
kicked with all her strength against the floor and walls of the closet.
Finally, she succeeded in loosening her gag.

"Help! Help!" she screamed.

Her voice sounded muffled and weak. The top floor was without tenants,
and Penny knew that the chance of anyone hearing her was very slight.
She was doomed to a horrible fate.

Her courage failed her for the moment and she sobbed in terror. But
she soon had herself in check again and was struggling to free herself.
It seemed to her that the cords which held her wrists were a trifle
looser--she worked at the knots with her teeth.

From below she heard a loud clanging, and the shrill whistle of a fire
siren. New hope surged over her. Perhaps the firemen who had arrived
upon the scene would reach her in time!

"Even if they shoot a ladder up to the window they'll never think
anyone could be tied up in the closet," she reasoned. "If I'm to
escape, it will be from my own efforts."

Penny knew that the fire was rapidly spreading, for she could hear a
steady roar which rapidly grew louder. The closet was so warm that she
found difficulty in b