The rear wall of the space was solid. There was no need for transfer here. The fact that gems were missing was a link with Henshew's own absence. The scheming supercrook had begun new operations earlier than The Shadow had expected.

Tonight, Henshew had gone somewhere to make another sale.

That bore significance. It indicated exactly what The Shadow had predicted: a bold move by Henshew. It meant, too, although Henshew was keeping contact with the law, he had found a chance for new operations.

Where, under such circumstances, had he found a dupe who might be handled yet kept under full control? A wealthy man whose trust he had obtained? Some person whose very position would be a protection for Henshew?

The Shadow knew that Henshew would have to play his cards cunningly. He would have to be ready with a perfect explanation if the police learned that he was handling a large jewel sale. Those very angles gave The Shadow a likely answer.

Audibly, hidden lips softly phrased the name:

'Michael Chanbury.'

Though Chanbury was chiefly an art collector, he had talked gems with Henshew - according to reports at Farrow's. A sale to Chanbury could be explained by Henshew, if Chanbury mentioned it. Henshew would lose little for he would receive cash for the jewels.

If Chanbury kept the sale confidential, as Henshew hoped, the way would be clear for new robbery. If Shark Meglo murdered Chanbury, the law might not suspect a robbery at all. Shark had a grudge against Chanbury.

CLOSING the cache, The Shadow worked on the writing desk and unlocked it. He found Henshew's tools and other items, which explained the crook's practice of altering gems. Chanbury had seen Silsam's jewels; the ones that Henshew showed Chanbury would not look the same.

The Shadow closed the desk and locked it.

In the desk drawer, The Shadow found some odd mountings that Henshew had not used. Before he could lock the drawer, there came a sound from the apartment door.

Thinking that Henshew had returned, The Shadow risked leaving the drawer unlocked. He faded to a corner past a half-opened closet door.

It was not Henshew who entered. The man who came into the room moved clumsily through the darkness. He lowered the window shades, used a flashlight to find the wall switch. He turned on the lights. The Shadow saw a stoop-shouldered man who had a wan, prying face and quick, nervous eyes.

He knew the fellow from description.

The man was Jim Tyrune, the private detective.

Tyrune had unlocked the door with a pass-key; and that marked the limit of his lock work. He tried the writing desk, but couldn't open it. Finding the drawer unlocked, he made a note of its contents in a memo book.

Looking around the room, he checked on everything. He eyed the bookcase suspiciously, but did not disturb it.

Tyrune paced the floor to put down measurements, but he did not come close to The Shadow's hiding spot. Finally, the dick turned out the lights, raised the shades and blundered out through the door of the apartment.

As soon as he was gone, The Shadow locked the desk drawer and followed. He trailed Tyrune down a stairway and out through a rear door of the apartment house.

Tyrune stopped at the nearest corner and paced about, hands in pockets. He kept peeking through a drug store window, to watch a big clock on the wall. At last, he looked for a taxi and saw one coming along the darkened side street. Tyrune stopped it, only a few yards from a darkened wall space where The Shadow stood.

The Shadow heard Tyrune give an address to the taxi driver. The dick added:

'I'm not in a hurry. Take your time getting there.'

The cab pulled away. The Shadow's laugh was whispered, after the taxi had gone. Tyrune, himself, had supplied the link that The Shadow wanted. The address that the dick had given was that of Chanbury's Long Island home.

The Shadow was right. Henshew had gone to Chanbury's. But in Michael Chanbury, the smart crook was due to find a man much different from those whom he had duped in the past. Like The Shadow, Chanbury had seen through Henshew's game.

The Shadow could foresee the trapping of Madden Henshew; and Shark Meglo with him.

CHAPTER XV. CHANBURY DECIDES

WHILE The Shadow was finishing his investigation in Manhattan, Henshew and Chanbury were at the latter's Long Island home. They were seated in the downstairs portrait room; between them lay opened jewel cases, with a fine array of gems.

Chanbury was inspecting the disguised stones that had once been Silsam's. He seemed totally oblivious to the bold game that Henshew was playing. He questioned the price of the collection. Henshew set it at a quarter million.

'I should like to buy them -'

Chanbury hesitated, to shake his head. If he expected Henshew to bargain, he missed a guess. Henshew was avoiding that. Moreover, he had noted the reluctant tone of Chanbury's voice. Henshew sat back and let Chanbury study the gems again.

After some twenty minutes, Chanbury still seemed uncertain, Henshew calmly put the gems back in their cases, remarking:

'I can bring them here again. It would be well, perhaps, to inform Inspector Cardona -'

His tone was almost a warning. Chanbury laughed as he clapped Henshew's shoulder.

'I won't make Silsam's mistake,' said Chanbury. 'He dealt with an impostor. I am dealing with the most reputable jewel merchant in this country!'

Henshew expressed his appreciation of Chanbury's compliment. He tried to pass it off with feigned modesty. That merely brought new praise from Chanbury.

'Your opinion is all I require,' Chanbury told Henshew. 'I know that your price is the right one. As for the police' - he shook his head - 'frankly, I believe that all their moves are being watched. Where Cardona goes, crooks are apt to follow.'

Chanbury glanced at his watch as though he had remembered something.

'It would be best for you to leave,' he said, 'if we are to keep this matter confidential. I expect an unwanted visitor - that private detective, Tyrune.'

'Why is he coming here?' questioned Henshew, in a surprised tone.

'To check over those lists of Silsam's gems,' explained Chanbury. 'They want a better description. How they expect me to give one is a puzzle. The lists were far more detailed than any description that I can give.'

THE statement pleased Henshew. At Chanbury's suggestion, he shoved the jewel cases into inside pockets so that none of the servants could see them. Eleanor was absent tonight; Henshew had made sure that it was the secretary's night off, before he arranged the visit.

'You are the one who must be careful,' warned Chanbury. 'You are carrying a valuable cargo.'

'I am going straight to the office,' returned Henshew. 'They are waiting there for me, to put the gems in the vault.'

Chanbury seemed reluctant because he had postponed the purchase. He stopped Henshew at the door and questioned:

'If I decide to buy, would you require cash?'

Henshew smiled, queried: 'What else have you?'

Chanbury beckoned him to the desk. From deep in a drawer, he produced a chamois bag and poured its contents into the light. Henshew saw rough, uncut diamonds in a quantity that amazed him.

'I have gathered these for years,' remarked Chanbury, 'but they give me very little satisfaction. I should prefer finished stones, instead. I also like variety. I have been told that these uncut diamonds are worth close to two hundred thousand dollars.'

Henshew examined the uncut gems. He spoke frankly when he said:

'They are worth more. At least a quarter million. They would do as payment for the gems that you saw tonight.'

'I shall consider it.'

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