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 you see? The club! Central heating, a restaurant,! a theatre: everything you can possibly want!' Hippolyte was speechless, and without moving he stared helplessly at the watchman.

'So that's where my mother-in-law's diamonds are!' he thought. 'All here, All the hundred and fifty thousand roubles and nought nought copecks, as Bender used to say.'

The diamonds had been turned into glass for the windows; the pearls had been turned into a cool gymnasium; a diamond tiara had become a theatre with a revolving stage; the rubies had been changed into electric lamps; the emeralds had provided a wonderful library; and the other 'beads' had been turned into a children's crêche, work-rooms, a chess—club, and billiard-tables.

The treasure was all there. It had been preserved and had even increased. It could be touched, but it could not be carried away; it had passed into the— service of others.

Hippolyte touched the granite front of the club. It was cold; it sent a shiver down his spine. He gave a shout and a cry; it was a mad, savage cry—the cry of a wounded animal

He pushed the watchman to one side, stumbled down the street, and disappeared round a corner.

The autumn sun had risen and Moscow stirred into life again.