Still staring at the great Star, Walder was thinking of another factor. Quite accustomed to the hooded men by this time, he expressed his theme.

'You must find some way,' he said, 'to let people know that the Star of Delhi is in America, and that it has actually been cut into smaller gems -'

Lenfell was interrupting with a smile that Walder noted.

'We are counting upon you to help us,' said Lenfell. 'You have seen the Star of Delhi, Walder. Your word is beyond reproach. We have hoped that you would see fit to exhibit the six ring's, stating their origin, without naming the man who placed them in your custody: that is, myself.'

THE idea startled Walder for the moment. As he looked about, he fancied again that eyes were glaring at him from the hoods. But Walder's business acumen came to the fore. He visualized the publicity that such an exhibit would bring to Walder Co. Gradually, he nodded his willingness.

There was a wave of Lenfell's hand. One by one, the members of the hooded group departed, until all were gone save Lenfell. Walder could hear their creeping progress down the stairs - some by the front, others by the back, one by a side stairway that was little used. Then, back in Lenfell's study, Walder gave a smile of real relief to find himself alone again with Lenfell, the Star of Delhi lying on the desk between them.

While Lenfell was putting away his coat and hood, Walder made a suggestion.

'You may entrust the cutting of the stone to the proper man,' he said. 'I would say that there is only one such man in New York.'

Lenfell paused while opening the safe, where he intended to replace the Star of Delhi.

'You mean Roger Sherbrock?'

'I mean Sherbrock,' replied Walder. 'Of course, there are foreign experts here - better men, perhaps, than Sherbrock. But they are men who have lost fortunes and might prove bitter. They would be dangerous. You can rely on Sherbrock. I repeat, he is the only man.'

'I shall see Sherbrock' decided Lenfell. The safe was open; he put the jewel casket in it. 'You will hear from me later, Walder. Meanwhile, accept my thanks for your kind co-operation. It is hardly necessary'

- he was extending his hand - 'for me to add that I sent the servants out tonight so they would not happen to see any of my hooded visitors.'

Lenfell personally conducted Walder to the front door. Outside, the jeweler looked back at the large old- fashioned mansion and gave another shudder at sight of its gloom and bulk. Into that shiver, Walder put memories of the creeping sounds that he had heard, those weird indications of the advent of Lenfell's hooded friends.

Then, briskly, Walder walked to the next corner to find a cab.

There were creeping sounds again in the old mansion. Armand Lenfell was making them himself as he returned to his study. He didn't mind them; indeed, he rather enjoyed the weird sound, for Lenfell was smiling, more noticeably than before. His smile had become a leer of an insidious sort, as he stooped at the safe to reopen it.

Then, with the Star of Delhi again on his desk, Armand Lenfell sat back and waited, his leer taking on a satanic touch as he gazed at the blue gleam from the great Star of Delhi. His head was tilted, for Armand Lenfell was listening for new creeps in the hallway.

Creeps that would announce another visitor, less fearsome in appearance than the members of the secret six, but one who would understand Lenfell better. Lenfell had spoken truly, in stating that his hooded associates were banded together in a cause of good. His one lie had been his inclusion of himself in such a worthy purpose.

Alone, unobserved by either Walder or the secret throng, Armand Lenfell could relax and reveal himself for what he really was - a man with crime at heart. He was waiting for another of that same ilk, that together they might plot an underhanded scheme involving the much-valued Star of Delhi!

CHAPTER II. BAIT FOR CRIME

THE exhibit of the six star sapphires, when announced a week later, was promptly heralded as the event of the New York jewelry season. Raymond Walder, true to his word, surrounded it with integrity and mystery.

Walder's statement that he had seen the Star of Delhi, was something unimpeachable. His declaration that he could not name its owner, provided the mystery. He added, of course, the news that the Star of Delhi had been cut into six parts, and other jewelers agreed that the process would render the gem, or segments of it, more salable.

But Walder did not state who had cut the sapphire. He simply invited the public to view the sextuple result.

Few persons in New York were more interested in Walder's coming display than was Lamont Cranston.

A millionaire collector of rarities, including jewels, Cranston seemed disappointed only because the Star of Delhi had been reduced to a sectional form. He tried to treat the matter lightly, but he did not deceive Margo Lane.

She could tell Lamont's mood, when they lunched together on the day of Walder's exhibit, and from remarks he dropped, she was quite sure that he would have prized the Star of Delhi for his own collection. It was too bad, Margo thought, that Cranston had not learned that the great Star was for sale before it was hacked to chunks. Calm-mannered, his hawkish face often masklike, Lamont Cranston seldom revealed his inner thoughts, even to an attractive and sympathetic brunette like Margo Lane. But it was plain, on this occasion, that Cranston should normally have stayed away from the exhibit at Walder's.

Mere sight of six lovely star sapphires, in place of one unblemished marvel, would certainly pain him.

Margo knew that Cranston was going to the exhibit purely from sense of duty.

That was because Margo also knew that this man who posed as Lamont Cranston was actually The Shadow, master fighter who battled crime. As The Shadow, he couldn't afford to miss the Walder exhibit, because it was the greatest bait for men of crime that had been offered in months.

The newspapers were full of jewel robberies. A few had occurred in New York, despite the vigilance of The Shadow, but the rest had happened in other cities. Though the mob, like the master mind who handled the game, was probably in New York, no leads were yet available. Stolen stuff, if peddled, had been artfully fenced without being traced; all the more reason why The Shadow should be on the job.

Therefore, Margo was quite sure that Cranston wanted to visit Walder's to look over the customers as much as the sapphires. He knew that crooks couldn't resist the lure that the exhibit offered.

It was fairly late in the afternoon when Cranston and Margo finally arrived at Walder's. The exclusive jewelry store was under heavy guard. Armed guards stood outside, and others were posted at strategic spots inside the store itself.

All other jewelry, the usual Walder stock, had been put away for safekeeping, except for cheaper items that would interest the general public. Emphasis was upon the six sapphires.

The stones that represented the famous Star of Delhi were in a special burglarproof case in the exact center of the store. The box, bolted into a stone pedestal, had a top surface of bulletproof glass, protected by photoelectric devices connected with burglar alarms.

Sometimes, such cases had lights inside them. This one did not. The sapphires scintillated under the beam of a spotlight focused from a ceiling dome.

Even in sixes, the sapphires were marvelous to view. They were the size of large peas, and quite as much alike. Each had its identifying touch - the star formation - and all were set in rings of the same type: heavy, plain gold.

People, passed along the rail that fronted the display and gave gasps of appreciation, so that the vaulted space of Walder's jewelry store echoed constantly with one repeated simper.

MARGO was pleased to observe a flicker of passing interest on Cranston's immobile features. The perfect match of the six sapphires intrigued him, as did the provisions taken for their custody.

But when he had finished looking at the gems and drawn away to the outskirts of the throng, his mind went back to the persons present. Close beside him, Margo caught Cranston's undertone.

'Look for others who are staying around. People who seem too sure of themselves.'

Margo looked. If her opinion had counted, The Shadow would have had about fifty suspects. Knowing there couldn't be that many, Margo gave it up.

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