"What next?" echoed Ganimard.

"Yes, what next?... This is all very interesting; but what has it to do with the case? If Mme. de Réal took the ring, why was it found in Herr Bleichen's tooth-powder? Come, Ganimard! A person who takes the trouble to steal the blue diamond keeps it. What have you to answer to that?"

"I, nothing. But Mme. de Réal will answer."

"Then she exists?"

"She exists ... without existing. In a few words, here it is: three days ago, reading the paper which I read every day, I saw at the head of the list of arrivals at Trouville, 'Hôtel Beaurivage, Mme. de Réal,' and so on.... You can imagine that I was at Trouville that same evening, questioning the manager of the Beaurivage. According to the description and certain clues which I gathered, this Mme. de Réal was indeed the person whom I was looking for, but she had gone from the hotel, leaving her address in Paris, 3, Rue du Colisée. On Wednesday, I called at that address and learnt that there was no Madame de Réal, but just a woman called Réal, who lived on the second floor, followed the occupation of a diamond-broker and was often away. Only the day before, she had come back from a journey. Yesterday, I rang at her door and, under a false name, offered my services to Mme. de Réal as an intermediary to introduce her to people who were in a position to buy valuable stones. We made an appointment to meet here to-day for a first transaction."

"Oh, so you expect her?"

"At half-past five."

"And are you sure?..."

"That it is Mme. de Réal of the Château de Crozon? I have indisputable proofs. But ... hark!... Folenfant's signal!..."

A whistle had sounded. Ganimard rose briskly: