Hadlow.'

'That's it,' acknowledged Elger. 'I have an idea that Hadlow was looking about from the start. If so, he is the man who encountered Dalavan; and finished Golga as a sequel. Hadlow is the man that we must watch. He may know too much.'

Elger pocketed his notes and turned to Ruff Turney.

'Ruff,' said Elger, 'when you go out to the Dalmatia, tell the captain to stand by. Tell him that you are bringing out some boxes loaded with junk for him to heave overboard.'

Ruff looked about in surprise. He nudged his thumb toward the treasure chests, then queried:

'Which of the stuff is fake?'

'None of it,' chuckled Elger while Jalway smiled. 'We are simply going to murder our unwelcome guests and put their bodies into weighted boxes. We shall require four such caskets.'

'Why bump the girl?' queried Jalway. 'If this is staged like a raid, she will think it's on the up and up. I've sort of had my eye on Francine, even though she's more partial to Seth Hadlow -'

'I understand,' interrupted Elger. 'If you managed to save her, she would be all for you. We can make a bargain, Jalway. If Francine listens to reason, she can live. If not, she will die like the others -'

'Agreed.'

THAT settled, Elger remembered another item. He spoke to Ruff, telling him to arrange for three extra boxes to carry the bodies of Dalavan, Golga and Hoskins. That done, Elger gestured toward the farther cavern, indicating that both Ruff and Jalway should use that exit, while he went back through the regular passage to his house.

'Prepare to contact the Dalmatia, Ruff,' ordered Elger. 'I shall rely upon Tully and Chunk to work with Jalway and myself. Your course, Jalway, is to complete your stroll and circle back to the house. I shall be there, wondering about your safety. Remember: we must dupe Seth Hadlow. The old professor and the sailor will cut no figure.'

Pocketing his big meerschaum, the arch-crook started for his own passage while Ruff and Jalway went in the opposite direction. Ruff carried the lantern that had provided illumination for the conference. En route to the house, Purvis Elger indulged in an insidious chuckle.

The arch-crook felt that he had bargained well with Bram Jalway. Fully convinced by the promoter's story, keyed with hope of further swag through a piratical attack upon the crippled Maldah, Elger looked forward to a profitable alliance.

Since George Dalavan was dead. Elger would need a new man to organize a crew of smooth agents who could unload the European spoils. Bram Jalway was just the sort to fill the bill. He would simply come in for Dalavan's share of the proceeds from the loot.

An excellent arrangement, since Jalway had revealed that there was a million dollars in additional booty aboard the Maldah. In fact, Elger was glad that Dalavan had died to make the replacement possible. As for the tiara and the money that Dalavan had brought, Elger felt confident that they would be regained.

Once the four victims were eliminated, the lost items could be found; for Elger felt sure that Hadlow must have hidden them somewhere inside the house. The sooner the climax the better, in Elger's estimation; for Hadlow would have no time to bury the tiara and the cash in some outside hiding spot.

With Bram Jalway as an ally, the game seemed ironclad to Purvis Elger. Though he counted Seth Hadlow as a capable foeman, Elger had no inkling that the hand of The Shadow was involved. Therefore, the master crook felt no insecurity regarding the grim game in which Bram Jalway had promised to cooperate.

CHAPTER XVI. THE SHADOW WAITS

WHEN Purvis Elger regained his study, he immediately went out into the hall and strolled in the direction of the living room. A frown furrowed his wide forehead as he heard the sound of voices, Francine's among them.

Entering the living room, Elger found the girl and Dashler talking with Tully and Chunk. Royne was standing in the background. The cadaverous servant's face was troubled; it cleared as the man saw Elger.

'What is the matter?' inquired Elger. He looked about in his usual friendly fashion. 'Where are the others? Hadlow - Jalway - the professor?'

'Jalway is still out,' responded Dashler. 'Hadlow has gone out to look for him. Neither has returned. I have just been talking about making a search.'

'I said we should wait for you, sir,' put in Royne. 'That's why I rapped at your door, Mr. Elger.'

'I thought I heard someone knocking,' said Elger. 'I was in the bedroom, dozing, with the door closed. So Hadlow went out to look for Jalway. How long ago?'

'About fifteen minutes back,' replied Dashler. 'I was in my room, or I'd have gone out with him.'

'I couldn't sleep,' added Francine. 'I came out to learn if anyone happened to be up; when I learned that Mr. Hadlow had gone out to search, I called for Dashler.'

'Well, well,' mused Elger. 'I had no idea that this complication would occur the moment that I told my guests they could fare forth. What were you two doing?' The question was to Tully and Chunk. 'Why did you let Hadlow go out alone?'

'Your orders, Mr. Elger,' reminded Tully, in an uneasy tone. 'You let Mr. Jalway go out. We didn't stop Mr. Hadlow.'

'They will probably return shortly,' decided Elger. 'If they do not, we shall begin a search. By the way, where is Professor Marcolm? I hope he managed to desist from a stroll along the beach.'

'The professor is asleep,' stated Francine. 'I knocked at the door of his room and he answered. But he was so drowsy that I hesitated to disturb him. I called Dashler instead.'

'I warned Jalway,' remarked Elger, filling his pipe from the ever-ready pouch. 'I told him - and Hadlow heard me - that this milder weather might mean new danger on Timour Isle. But both these chaps are armed. I believe that they can take care of themselves. Suppose' - he glanced at his watch - 'that we allow them ten minutes to return.'

The others nodded in agreement. They sat down about the room. Elger lighted his meerschaum and paced back and forth. He was more troubled than he cared to reveal. Hadlow's trip outside was something that he had not foreseen.

WHILE the little group remained in the living room, the island outside the house was gloomy beneath the faint rays of a cloud-enveloped moon. Giant oaks still swayed in response to fitful winds. The steady roar of the surf beat up hollow echoes from the beach.

Far out to sea, a line of lights was moving to the south. Vanishing, then reappearing beyond the long swells, that slow streak of illumination indicated the presence of a ship.

From beneath the shelter of moss-laden boughs, keen eyes were watching the lights at sea. The ship was anchoring off Timour Isle. Those same eyes spied another light. From the south of the island, beyond the sand dunes, a small boat was putting out to sea.

Ruff Turney and his squad were on their way to contact with the Dalmatia. A soft laugh whispered from the gloom. It was the strange mirth of The Shadow - a tone of suppressed mockery that echoed weirdly in the wafting breeze.

Then came silence. The author of the laugh had moved away. Silently, beneath the fringe of trees, The Shadow was returning to the house. No sign marked his passage toward the clearing that surrounded the white tabby walls.

Ever mysterious, even when uncloaked, The Shadow had become a part of the night itself. No human eye could have discerned his approach to the old look-out house.

FIVE minutes passed, while the vague lights from the living room windows shone unblinkingly along the tabby walls. Then from the pathway to the house, a figure stepped suddenly into view. A strolling person advanced toward the door.

The arrival turned suddenly, as though hearing a sound close by. He spied another person coming from the edge of the clearing. The man by the door spoke.

'Who's there?' he challenged.

'Hadlow,' came the quiet response. 'Is that you, Jalway?'

'Yes.' Jalway laughed slightly. 'Rather spooky, the way you stepped into sight.'

'I was looking about for you,' returned the sportsman. 'I thought maybe you had circled the house. Where have you been, old chap?'

'Down to the end of the island. Come. Let's enter. They may be worrying about us.'

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