'They are very valuable. So exquisite, that I could not refuse to buy them when they were offered to me.'

'By whom?'

The query came from Chanbury. Silsam smiled and shook his head. After a few seconds, he paused.

'The sale was confidential,' he declared. 'I promised not to name the seller. I feel sure, though, that I can rely on both of you to maintain the same confidence. I purchased these gems from a jeweler named -'

A SNARL interrupted. It came from the living-room door; and the sound caused Harry and Chanbury to turn, along with Silsam. The three were riveted by what they saw.

In the doorway stood a long-jawed man whose eyes were covered by a handkerchief mask. He was covering the room with a revolver; flanking him were two other masked invaders, each with a pointed gun.

To Harry Vincent, that leader's mask was a mere sham. Harry knew the identity of the long-jawed man who wore it.

Shark Meglo and his murderous crew had arrived to claim new swag. Striking before their own deadline, they had staged the thrust ahead of The Shadow's entry.

CHAPTER IV. DEATH'S SILENCE

GRIM was the scene in Silsam's study. Voices had silenced with Shark's snarl; the only sound was the ticking of the wall clock. From the corner of his eye, Harry saw the dial. It showed three minutes of nine.

For a moment, Harry held hope that The Shadow had already entered by the side door; then that hope was banished. Shark and his two followers shouldered into the study; when they were clear of the door, a fourth man joined them. The fellow had the air of a lieutenant, and Harry correctly guessed that he was Hood Bleeth.

'I got a couple of torpedoes on each door,' growled Hood, to Shark. 'That oughta hold anybody who tries to muscle in.'

Shark showed an ugly grin of approval. To Harry, the news foretold disaster. If The Shadow did enter by the side door, he would encounter waiting crooks. The Shadow could handle them, but not without gunfire. Shots would start instant slaughter, here in the study. In fact, Shark chose to mention that very point.

'Hear that?' he demanded, facing the trapped trio at the table. 'Any smart stuff and we'll rub out the three of you! That goes if any of my outfit runs into trouble. One shot from anywhere, and it will be curtains for you bozos!'

Shark's eyes showed their glitter through the slits of his mask. The killer's gaze centered on Hugo Silsam.

'I don't like your looks, crabface,' snarled Shark. He juggled his revolver slightly as he spoke. 'You remind me of the last guy I croaked. Maybe you'll be next!'

Harry caught the significance. Shark intended to murder Silsam because the copper king could blab the name of the jeweler who had sold him the gems. Harry and Chanbury were in luck because Shark had interrupted Silsam before he spoke the name.

Since Shark apparently intended to let them live, he wanted to build up another reason for his planned murder of Silsam.

Death might be due at any moment; and Harry was unable to prevent it. The Shadow's entry by the side door would only hasten matters, and Harry could no longer serve as The Shadow's substitute. Harry had a gun in his pocket, but no chance to reach for it. Nor would a break be possible.

There were windows in the study; but Harry knew that they must be closed, although they were hidden by drawn shades. The night was chilly; but the study was warm, sufficient proof that the windows were tight shut.

What perplexed Harry most was how Shark and his band had entered despite The Shadow. Harry was to learn the answer. Shark turned to Hood and snapped the order:

'Bring in that flunky!'

Hood went out to the living room. He returned, marching Wintham ahead of him. With hands raised, the dryish faced butler looked pleadingly toward Silsam.

'They knocked at the front door, sir,' spoke Wintham. 'They had me overpowered before I could give the alarm.'

'It's all right, Wintham,' returned Silsam unsteadily. 'I don't blame you. They surprised us the same way.'

HARRY noted Wintham's expression and knew instantly that the butler had lied. Wintham was faking it, when he said that crooks had entered by the front door. There were too many of them. If they had come in by any route, within the past few minutes, The Shadow would have spotted them.

Wintham was a traitor. He was working with Shark. The butler had let the crooks into the house long ago, and had probably kept them in the darkened kitchen, with lookouts in the empty dining room. Nine o'clock was the time set for attack; but the actual arrival of the crooks had occurred earlier.

Silsam's remark that Commissioner Weston was expected had caused Wintham to pass quick word.

Shark had not waited longer. He wanted this job to be finished when Weston arrived. The pretended capture of Wintham was merely an alibi for the crooked butler. Wisely, Shark gave no inkling that he knew of Weston's coming visit. He told Hood to shove Wintham against the wall, near the door.

Stepping to the table, Shark eyed the box of gems. He tossed in pieces of jewelry that Harry and Chanbury had dropped. Nudging toward the safe, he said:

'See if there's anything else we want.'

With that, Shark clamped the jewel box shut and thrust it under his arm. He looked at the clock and saw that it was only a few minutes after nine.

Hood had picked a fistful of papers from the safe. He gave a nod to Shark. The long-jawed crook faced Silsam.

'Still got a grouch, huh?' queried Shark. 'All right, old sour-puss! You've asked for it!'

Coldly, Shark leveled his revolver straight for Silsam's heart. Terror registered itself on the old man's face; but the expression brought no mercy from Shark. His finger was gripping the trigger. The moment for murder had come.

Harry Vincent felt a sudden chill against the back of his neck. Ordinarily, he would have taken it for a draught from an open window; at this moment he thought it an involuntary sensation that he could not control.

It was Harry's last chance to save Silsam. The move, in all probability, would cost Harry's own life.

With a hard jab of his left hand Harry reached Silsam's shoulder and sent the old man sprawling below the table. Turning, Harry lunged for Shark and grabbed the masked crook's gun arm.

With a harsh oath, Shark ripped away to aim straight for Harry. Other guns swung also, to deliver a withering barrage.

At that instant, a window shade snapped upward with a loud crackle. It stopped with a report as loud as a shot. As crooks halted their aim, they heard a challenging laugh. With it, blackness surged over the low sill.

A cloaked form vaulted into the captured study. A gloved hand came up with a gun. Above the muzzle of the leveled automatic were burning eyes beneath the brim of a slouch hat.

The Shadow had sensed the situation inside the house. He had chosen a new route of entry. His arrival was a challenge to the startled crooks who gaped as they saw him in their very midst.

THE SHADOW'S gun mouthed flame. An aiming crook slumped at the door. The fellow's companion fired; his shot was wide. A second spurt of The Shadow's .45 settled that thug.

Shark Meglo had aimed for The Shadow. The killer's shift had given Harry a chance to struggle with him.

Harry was bowling Shark toward the wall; if Shark wrestled free, he would be a target for The Shadow.

The same applied to Hood Bleeth. Before he could aim from his spot beside the safe, Michael Chanbury had sprung upon him. Powerful of action, Chanbury had Hood in a plight that resembled Shark's.

It was Wintham who saved that pair of killers. The butler no longer tried to alibi his treachery. He made a grab for the light switch beside the door. An instant later the room was in total darkness.

Guns spoke amid the gloom. Shark and Hood were twisting free from the men who gripped them, stabbing shots at The Shadow's window. Harry and Chanbury could not stop them for darkness made the struggle difficult. There were shouts from the living room. Reserve gunmen were dashing through to reach the study.

Then from the study door itself came the burst of two guns. Crooks went sprawling in their tracks. Amid the roar of gunfire came the taunt of The Shadow's laugh. Darkness was The Shadow's habitat. He had used it to shift

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