e I shouldn't take the competition so seriously. I admit I
was terribly disappointed. It wasn't just the money--although goodness
knows I need it."

"Everyone said your statue should have won."

"Oh, well, it's no use thinking about it now," Amy smiled. "I don't
even dare go back to the museum to get the Black Imp."

"I'll stop in for it if you wish."

"No, the authorities would never give it to you without asking a lot of
questions. I'll just wait until the trouble blows over. It will be
soon, don't you think?"

"I'm sure of it, Amy. It's ridiculous that you were ever charged with
the theft."

The girls finished their luncheon and Penny succeeded in capturing both
checks. She was very glad of the opportunity for she suspected that
her friend was low in funds. They emerged from the restaurant just as
a large gray automobile pulled up to the curbing on the opposite side
of the street.

"It's Mrs. Dillon!" Penny exclaimed, pausing to stare. "She must be
late for her appointment with Hanley Cron."

The woman who was garbed in an elaborate afternoon gown, alighted from
the car. She held a beaded bag clutched tightly in her hand.

Mrs. Dillon spoke for a moment with her chauffeur, then walked toward
the building which housed Hanley Cron's studio.

Penny and Amy noticed a man in ragged clothing and with cap pulled low
over his eyes, who stood lounging in the doorway. He had been watching
Mrs. Dillon narrowly. Suddenly, he moved forward, blocking her path.

Before either of the girls were aware of the man's intention, he
snatched the woman's purse and darted away, disappearing into the
nearest alley.

"Help! Help!" Mrs. Dillon screamed frantically. "Police!"

With one accord, Penny and Amy ran across the street.

"My pearls!" Mrs. Dillon moaned. "They were in my handbag! I've lost
a fortune!"

Penny and Amy reached the entrance of the alley in time to see the
thief stealthily climbing a fire escape.

"Quick! Maybe we can head him off!" Penny cried.

While Amy ran into the building to give the alarm, Penny daringly
ascended the fire escape. She saw the man climb hastily through an
open window on the upper floor and disappear.

"If Amy guards the lower exits we'll capture him yet!" Penny thought.

Without stopping to consider that she might be endangering her life,
the girl stepped through the open window. The room in which she found
herself was an artist's studio and apparently it was