Why he's refusing offers of aid for the Maldah. Why he doesn't want the yacht salvaged -'

'Hold it!' Elger spoke with a tone of conviction. He had caught the channel of Jalway's talk. 'Cut him loose, Ruff.'

DUMFOUNDED, the lieutenant cut the thongs that held Jalway. Elger, meanwhile, produced a tobacco pouch from his pocket. As Jalway struggled to his feet, Elger proffered the pouch.

'Got your briar with you?' he asked.

Jalway nodded, grinning.

'Fill it and smoke up,' ordered Elger with a chuckle. 'We'll talk as crook to crook. I've seen the light. You know something that's worth while - something that will make our deal a real one.

'Sit back, Ruff, and listen.' Elger shook his head as he observed the lieutenant drawing a revolver to cover Jalway. 'Put away that rod. You won't need it. This man has convinced me. Spill it, Jalway. I'm listening.'

Jalway rubbed his chafed wrists. He produced his briar and filled it with Elger's tobacco. Elger extended a lighted match. Jalway puffed away and seated himself on a chest opposite Elger's.

Aromas of briar and meerschaum mingled while Jalway began to talk. Elger, listening, inserted comments of his own. Schemers both, the two were in accord, while Ruff Turney sat astounded as he heard the game that the crafty pair developed.

CHAPTER XV. THE NEW GAME

'WHEN I went aboard the Maldah, in New York,' stated Jalway in a candid tone. 'I did so with the intention of building up a reputation with Kingdon Feldworth. I figured that he was wealthy enough to be due for a trimming at some future date.'

'I take it that swindling is your game,' observed Elger.

'It is,' admitted Jalway. 'But I've kept it nicely under cover. When I fleece saps like Feldworth, I do it indirectly. Stock deals in which I appear to be a dupe also.'

'Did you ever handle a stock called Consolidated Securities?' inquired Elger.

'Never heard of it,' returned Jalway. 'It sounds like a flim-flam. Where did you hear about it?'

'Through a friend.' Elger was eyeing Jalway carefully. 'Forget it. Go on with your story.'

'In Havana,' resumed Jalway, 'we all went ashore. Hadlow took Francine about the city; the old professor went to a museum. Only the captain and Feldworth were aboard the yacht when I returned unexpectedly.

'A flock of Cuban stevedores were loading some boxes aboard the Maldah. They took them into the cabin, then came out and went away. I saw the captain come from the cabin. Figuring that Feldworth was in, I strolled up and rapped at the door. Feldworth admitted me. He thought I was the captain coming back. The boxes were gone.'

'Where were they?' asked Elger.

'I'm coming to that,' explained Jalway. 'I must have looked about in rather curious fashion, because Feldworth guessed that I had seen the boxes. He shut the cabin door and took me into his confidence.'

'Regarding the contents of the boxes?'

'Yes. It appears that Feldworth had met a wealthy Cuban in New York. One of those fellows who had to scamper from Havana after the revolution. The Cuban had left a million dollars' worth of rare curios buried in Havana. He was hard up; he sold the lot to Feldworth for two hundred grand. But Feldworth had to get the stuff.'

'He managed it without trouble?'

'Yes. The Cuban had told him where the stuff was buried. He also gave Feldworth the names of certain loyalists in Havana. Those chaps were the stevedores - fake ones, of course - and they delivered the goods aboard the yacht. Went after the stuff pronto when Feldworth told them where it was stowed.'

'Where did Feldworth put the boxes?'

'In a secret compartment at the end of his cabin. He opened it and gave me a look into one of the boxes. I had a flash of some rare stuff. Jeweled hangings - cloth of gold - enough to tell me that the million-dollar talk was true.'

'So that,' mused Elger, 'is why Kingdon Feldworth prefers not to abandon his stranded yacht.'

'Absolutely,' stated Jalway. 'You know the laws of salvage. A claim on the cargo as well as the ship itself. It isn't the Maldah that Feldworth cares about. He wants to get that stuff ashore. That's why he's sticking to the ship.'

ELGER nodded. Exhaling pipe smoke, he studied Jalway closely, expecting some suggestion. It came.

'Suppose,' said Jalway. 'that raiders went after that yacht? They could massacre the crew, get the stuff ashore, and take for cover. This cavern would be as good a hideout for Feldworth's stuff as it is for the swag you've already got.'

'It would,' agreed Elger, 'and there would be no trouble in disposing of the goods.'

'You're getting it,' said Jalway. 'The only fellow who might blab would be the Cuban. And he'd keep quiet. He's gotten his dough.'

Elger nodded. Ruff eyed his chief. The lieutenant, too, was seeing possibilities. He expressed them.

'With that mob from the Dalmatia,' put in Ruff, 'we'd have a cinch, chief! This looks like a pipe -'

'Restrain your enthusiasm, Ruff,' interposed Elger. Then, to Jalway: 'Continue with your story. Tell me about your actions here on Timour Isle.'

'That's easy,' stated Jalway. 'Now that you know the inside of the game. When the lifeboat hit the beach, we encountered opposition. Then we came to your house. You welcomed us and told us that there were desperate characters hereabout. You fooled me. Perfectly.'

'Yet you decided to look about the island -'

'Certainly. Because I figured that the Maldah would get stranded somewhere. I was going to go out through the window of my bedroom; then I figured that might be bad if found out. So I picked the living room window instead.'

'And your purpose was to hunt up the outlaws?'

'You've guessed it. I figured if they were tough enough to bump Hoskins, they'd be good enough to form a pirate party and go after the Maldah. I wanted to make contact with the outlaws. I felt sure they must be at the lower end of the island.'

Elger was almost convinced by Jalway's story. The portly supercrook held to one lone, lurking suspicion. He decided to settle it by a final quiz.

'Where were you last night?' demanded Elger. 'At the time when the shots were fired?'

'Outside again,' returned Jalway promptly. 'I still wanted to contact the outlaws. Golga was in the living room, blocking me; but when I heard him go back to your den. I hurried to the living room. I loosened the frame and scrambled through.'

'After the shots were fired in the den?'

'I didn't hear any shots. I was starting to close the window when I heard Dashler rousing every one from the front hall. I thought it best to come in; but I left the frame as it was. When you discovered it and sprang your theory regarding an outsider. I thought you were trying to cover up the fact that you bumped Dalavan.'

'Evidently,' chuckled Elger, 'we each gave the other undue credit. I suppose you thought that I was still trying to play innocent tonight?'

'I did,' rejoined Jalway. 'That's why I chanced a bold stroll on the beach. I still wanted to meet up with the outlaws.'

ELGER pulled a penciled sheet from his pocket. He studied the notations then spoke to Jalway.

'The night when Golga learned that you were out,' declared Elger, 'he saw a light beneath Francine Feldworth's door and also heard the girl moving about. He entered the professor's room and saw the old man asleep in his bed. He heard Dashler snoring, when he stopped outside the sailor's door. He thought that he heard Seth Hadlow cough.'

'What has that night to do with it?' queried Jalway. 'I have already admitted that I was out of the house.'

'One of those four people,' declared Elger, 'was responsible for the deaths of Dalavan and Golga. That is why I am trying to check on all of them.'

'Last night is all that counts,' persisted Jalway. 'Just the same, I see your point. Golga wasn't sure about

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