Pep groaned inwardly. He could figure things out clearly now, he fancied. The intruders were the two former companions of those arrested not two hours before by the city officer.

“Then it was the fellow he was after that left the chamois bag,” theorized Pep rapidly. “He didn’t want it found on him, and he got word to these friends of his. They probably saw us looking at the necklace through the windows and planned to get it back. When Frank and the others ran out to the fire they hurried in here, and——”

“Got it; eh?” inquired Pep’s captor, as his comrade reappeared.

“I have,” chuckled the other, and busied himself rolling a pillow slip about the tin box. “Found it under a cot in there. Now then, quick is the word.”

The man who held Pep gave him a sudden fling. Pep landed against the wall on the other side of the room with stunning force. The two men, hurriedly departing, directed a quick glance at him.

“That settles him,” observed the foremost of the two, running down the outside stairs.

Pep was dazed for a moment. He actually fell back half stunned. His head had received a terrific bump. The instant a thought of the loss of their little treasure box drifted into his mind, however, he was on his feet in a flash.

He tore the obstructing handkerchief from his mouth and made for the open door, capless and out of breath. Pep darted down the stairs, his eyes glancing in every direction. The whole top of the building, three hundred feet away, was blazing now. There was a vacant space behind the Wonderland, and across this people were running in the direction of the fire. Pep could not make out his friends anywhere about. As his glance swept in the opposite direction he saw two shadowy forms headed on a run for the side street.

“It’s them; I see them!” cried Pep, and he sprinted ahead, his eyes fixed upon the scurrying figures. They disappeared between two buildings. Then they came out on the street next to the boardwalk.

All along Pep’s idea had been to get near enough to them to call upon others to assist him in detaining them as thieves. There was no police officer in sight, however, and people about were thinking only of getting to the scene of the fire. Then, as Pep came out upon the street into which the two men had turned, he saw them standing by an automobile. One of them was cranking it. The other had climbed into the rear seat.