The son of the Augsburg ironmonger and Arsène Lupin, prince of burglars, can come to an understanding without shame on either side. I do my thieving indoors; you do yours on the Stock Exchange. It’s all much of a muchness. So here we are, Kesselbach. Let’s be partners in this business. I have need of you, because I don’t know what it’s about. You have need of me, because you will never be able to manage it alone. Barbareux is an ass. I am Lupin. Is it a bargain?”

No answer. Lupin persisted, in a voice shaking with intensity:

“Answer, Kesselbach, is it a bargain? If so, I’ll find your Pierre Leduc for you in forty-eight hours. For he’s the man you’re after, eh? Isn’t that the business? Come along, answer! Who is the fellow? Why are you looking for him? What do you know about him?”

He calmed himself suddenly, laid his hand on Kesselbach’s shoulder and, harshly:

“One word only. Yes or no?”

“No!”

He drew a magnificent gold watch from Kesselbach’s fob and placed it on the prisoner’s knees. He unbuttoned Kesselbach’s waistcoat, opened his shirt, uncovered his chest and, taking a steel dagger, with a gold-crusted handle, that lay on the table beside him, he put the point of it against the place where the pulsations of the heart made the bare flesh throb:

“For the last time?”

“No!”

“Mr. Kesselbach, it is eight minutes to three. If you don’t answer within eight minutes from now, you are a dead man!”

The next morning, Sergeant Gourel walked into the Palace Hotel punctually at the appointed hour. Without stopping, scorning to take the lift, he went up the stairs. On the fourth floor he turned to the right, followed the passage and rang at the door of 415.

Hearing no sound, he rang again. After half-a-dozen fruitless attempts, he went to the floor office. He found a head-waiter there:

“Mr. Kesselbach did not sleep here last night. We have not seen him since yesterday afternoon.”

“But his servant? His secretary?”

“We have not seen them either.”

“Then they also did not sleep in the hotel?”

“I suppose not.”

“You suppose not? But you ought to be certain.”

“Why? Mr. Kesselbach is not staying in the hotel; he is at home here, in his private flat. He is not waited on by us, but by his own man; and we know nothing of what happens inside.”

“That’s true … That’s true …”

Gourel seemed greatly perplexed. He had come with positive orders, a precise mission, within the limits of which his mind was able to exert itself. Outside those limits he did not quite know how to act:

“If the chief were here,” he muttered, “if the chief were here …”

He showed his card and stated his quality. Then he said, on the off-chance:

“So you have not seen them come in?”

“No.”

“But you saw them go out?”

“No, I can’t say I did.”

“In that case, how do you know that they went out?”

“From a gentleman who called yesterday afternoon.”

“A gentleman with a dark mustache?”

“Yes. I met him as he was going away, about three o’clock. He said: ‘The people in 415 have gone out. Mr.