"Did I see whom?" the man asked with provoking calmness.

"A thief just entered your studio by means of the fire escape," Penny informed. "I saw him come in here."

Hanley Cron shook his head and a slight sneer played over his lips. "No one has been in my studio during the past hour except yourself."

"But I'm positive I saw him. He entered through the open window."

"I've been in the studio all the time. As you see, the outside door is locked. The man couldn't have escaped."

Penny was baffled. Although several other windows opened off the fire escape, it was difficult to make herself believe that she had been mistaken. However, a careful glance about the room assured her that the thief was not hiding there.

"Will you leave?" Cron asked impatiently. "Your story about a thief running up the fire escape doesn't ring true. You probably used it as an excuse to get in here and spy!"

"You'll soon learn that it's the truth," Penny exclaimed with rising anger. "Just wait until your friend Mrs. Dillon arrives."

"What has she to do with it?"

"Her pearls were stolen. And it was partly your fault too, Mr. Cron, because you invited her to call at your studio on the way to the bank! You must have known she ran a great risk in carrying that necklace unguarded."