Troubled looks appeared upon the faces of the listeners. Elger dismissed them with a casual wave of his hand.

'No occasion for worry,' he assured. 'This house is a miniature fortress. But to be ready in case of trouble, I shall have Golga stay on duty here in the living room. Royne will guard the back of the house.'

That ended the subject. Elger had played his part well. He had made it appear that he was taking the precaution purely to avoid an invasion; at the same time he had definitely made it plain that the living room window would not be a possible exit for anyone who might wish to prowl from the house.

Puffing steadily at his briar pipe, Bram Jalway suggested a game of bridge. He, Hadlow, Francine and Elger made up a table. Professor Marcolm took his manuscripts to his bedroom. Elger offered him the use of the study; but the white-haired man declined, stating that he would retire early.

Dashler played solitaire on the window seat; finally the sailor decided to turn in; and a short while later, the bridge game came to an end. The last three guests went to their rooms; Elger called Golga, then retired to his study, leaving the servant on duty in the living room.

IN the seclusion of his study, Elger indulged in a smile. He had subtly blocked the prowling game tonight. His guests had retired; it was time to keep a rendezvous with Ruff Turney. For tonight, Elger knew, there would be return news from New York.

Pocketing his meerschaum, Elger extinguished the study light. He went into the bedroom, opened the big bookcase and descended by the secret stairway. The bedroom light went out. Hardly had blackness come before the outer door of the study opened. The Shadow glided into the empty room.

Elger's new plan of action had worked perfectly for The Shadow. Golga, stationed in the living room, would have no need to search the rooms that the guests occupied, for he was blocking the outlet that had been used before. Thus The Shadow had a perfect opportunity to spy upon Elger himself within the house.

Crossing the study, The shadow entered the bedroom, opened the bookcase and descended. He reached the lower passage and kept on through until he arrived in the first cavern. The sound of voices from the central room told him that Elger and Ruff were already holding conference.

'Tully's been trying to click something through to you,' stated Ruff. 'I've heard his taps while I've been waiting. Better get in touch with him, chief.'

Elger moved over to the telegraph outfit and began to tap for Tully. A response came. The receiver clicked a message. The code was plain to The Shadow, listening from the outer cavern. But it meant nothing to Ruff Turney, until Elger gave his explanation.

'Dalavan started south last night,' stated Elger. 'He is going to board the Dalmatia at Charleston. He will come ashore with the shipment.'

'How soon?' inquired Ruff.

'The Dalmatia sails late tomorrow,' replied Elger. 'Tully picked up a radioed shipping report to that effect. That means she'll be off the coast during the night. You'll meet her.'

'And bring in the swag?'

'Part of it. The rest will come in by one of the boats from the Dalmatia. Hexler and his outfit will handle it. They'll join up and take orders from you. This is the last job, remember.'

'I get it. No need for them to go back aboard.'

'None at all. The captain of the Dalmatia has been paid to keep mum. He doesn't know what he's unloading. Thinks it's liquor on which the duty is too high for shipment through the customs.'

'He must be a sap.'

'He probably is, or he would not be the skipper of a hopeless tub like the Dalmatia. Here's something else important. The Maldah has been sighted, stranded in shoal water by Hamplin's Inlet.'

'That's only twenty miles from here. Who sighted her?'

'A coast guard cutter. It couldn't get through; and the Maldah has signaled that she needs no aid.'

'No radio report?'

'None. The Maldah has apparently been unable to repair the wireless equipment. So nobody knows yet that some of the passengers came ashore.'

'Why do you think Feldworth is stalling them off? His ship's aground.'

'He probably doesn't want to pay salvage on the yacht. I can't see why, though. He has plenty of money. It works to our advantage, however. There won't be any search for these castaways until after we unload the Dalmatia.'

Tick - tick - tick

THE SHADOW listened. A new message was coming from Tully. Elger was back at the key, acknowledging. Clicked words followed. An exclamation came from Elger's lips. The Shadow knew the reason. He had heard the message also. He lingered to hear Elger's comments to Ruff.

'Tully just got a phone call from Dalavan,' announced Elger, in a harsh tone. 'Dalavan's in Georgia. Got off a train at the station near Tully's shack.'

'He isn't going to Charleston, then?' quizzed Ruff.

'No,' Elger spoke, grimly. 'Somebody spotted him in New York at the Hotel Bonzell. It may have been The Shadow.'

'Dalavan took it on the lam?'

'Yes. With the evidence that would have made trouble. That's all Tully knows. He's going to bring Dalavan here. He's bringing Chunk along, too. They'll pull in by boat at the upper inlet and wait there while Dalavan comes up to the house.'

'To report to you?'

'Yes. He can pose as a chance visitor. I'll introduce him to the other guests in the morning. We'll say that he sent the boat back, not knowing that I wanted to make contact with the mainland. But the boat will stay here.'

Elger paused, then glanced at notations he had made while receiving Tully's message. A puzzled frown appeared upon his countenance.

'Here's something I can't figure out,' he remarked. 'Dalavan told Tully that he can purchase thirty-six shares of Consolidated Securities at twenty-two and one half. Says they are on order.'

'Some stock you ordered, chief?' inquired Ruff.

'No,' returned Elger, still puzzled.

'I never heard of the stock before. I'll ask Dalavan about it when he comes.'

A MOTION beyond the door of the cavern; The Shadow was moving further back into the darkness. Since Elger did not intend to question Tully regarding Dalavan's mention of securities, there was no reason for The Shadow to remain. The Shadow had learned facts that strengthened his position.

Elger believed that The Shadow was in New York; that it was he who had tried to spot Dalavan. This proved conclusively that Elger did not have even the mildest suspicion that The Shadow was one of his guests on Timour Isle.

More important, however, was the quotation of figures that Tully had given over the wire. Rutledge Mann had purposely named thirty-six shares of Consolidated Securities as the number available; and there was a reason why he had stated the price as twenty-two and one half.

Even without a map at hand, The Shadow knew that South Carolina was the thirty-sixth State in size; and that Charleston was located at point twenty-two and one half, according to The Shadow's system of measurement.

The Shadow knew that Mann had discovered the meaning of the message that had come through Dalavan. Mann had sent an answer back through the same channel. Since The Shadow wanted agents here, Mann's message naturally signified the route that they had chosen. They would board the Dalmatia at Charleston; The Shadow was sure that they would find a way to come ashore with the swag, when the tramp steamer neared Timour Isle.

Under the circumstances, the fact that Dalavan suspected he was followed and had chosen to come by the usual route was all for the better. Edging away in darkness, The Shadow caught a last statement from Elger to Ruff.

'I'm going to tell Golga to be ready for Dalavan,' informed Elger. 'I shall come back here, to arrange the treasures for later shipment to the mainland. When Dalavan arrives, Golga can show him into the den. Dalavan can wait for me there. It will be a few hours before he arrives.'

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