"I immediately went out, locking the door, and telephoned for my detectives. To this point this was my only thought. When I had done that, I began to think over what had happened. It seemed incredible to me that any one should have dared take such a risk—particularly as a search was inevitable. When I returned to the studio and awaited the arrival of my detectives, this was my only thought. I studied each and I became convinced that the ring would not be found on any one. If that were true, where was it? In the studio, hidden somewhere—but even there it would be sure to be found—so why should any one have even risked that?" She stopped a moment and then said quietly, with again that same far-seeing look beyond him: "McKenna, in my life I have seen many strange scenes. I have known of many more. One such came back to me and I guessed this much—that the real ring had not been heard. But that was all. When the detectives arrived, I went quietly into the hall, still trying to work it out. Quite by accident, I brushed against one of the coats that was hanging over the railing and knocked it down. Absolutely mechanically, without knowing why I did it, when I picked it up I ran my hands in the pockets. In the second was the ring."

"And the coat, you say, was Beecher's?" said McKenna, amazed.

"Wait. I replaced it hurriedly, noticing how similar it was to another that still lay on the rail. Then I opened the door and ushered the detectives into the dining-room. I had the ring, but I did not know the thief. Then all at once it came over me to what use I might put what had occurred. I had the ring which had been offered me, but which I could not accept openly. I could now use it to raise money for the speculation I had resolved upon, without Slade's knowing of the obligation. Second, I wanted to make sure that I had really seen a time-table in the pocket of Majendie. I gave my order to that effect to the detectives and started the search."

"Was it a time-table?"

"Nothing was found. Majendie, profiting either by the first period of darkness, or the second, had thrown it away. I found it in the waste-basket a little later. It was a time-table and his very action made my guess a certainty."

"But the thief?"

"When the turn of Garraboy arrived," said Mrs. Kildair, "he left, as all did, without returning to the studio. I was watching him particularly. Five minutes after he left, he returned. He had taken Mr. Beecher's coat by mistake."

An exclamation of annoyance escaped McKenna. He sprang up angrily.

"Mrs. Kildair," he said, not attempting to restrain his annoyance, "that is the one thing Mr. Beecher neglected to tell me—see how we are handicapped—"

"I'm not blaming you, McKenna," said Mrs. Kildair with a smile. "On the contrary, you discovered entirely too much."