'Jondran's stalled us!' rasped the big-shot. 'This vault is empty! It ain't even a vault. It hasn't been finished. Wait'll we talk to Jondran. He won't get nowhere with this stuff!'

Pinkey turned about, growling for Slick to do the same. They saw Bugs; Pinkey came up with his gun. Recognizing his own gun, Pinkey lowered the weapon. Angrily, he demanded:

'What're you doing here?'

Hurriedly, Bugs explained how matters had gone bad at the Bubble Club.

That was all Pinkey needed to know.

'Jondran must have got wind of it!' he grated. 'A wise guy, huh? Thinking he's safe because we haven't got the dame. We'll show him how safe he is! Come along!'

Pinkey strode to the door of Jondran's study; thrusting it open, he faced the big desk. Jondran was behind it; hearing the clatter, he raised his head.

Pinkey expected to see a terrified face. He was disappointed.

Jondran's pose of fear had been a mask. He had dropped it, after bluffing Pinkey.

HIS face stern, Jondran eyed the invaders with a sharp, defiant gaze.

Pinkey strode three paces forward, started to lift his gun.

It was a murderous gesture; but Pinkey didn't intend to rub out Jondran just yet. Maybe Jondran knew it, for he smiled.

'You're coming through with that dough, Jondran' - Pinkey's rasp meant business - 'and you're coming through quick! Next time you stage a bluff, make sure you've got something to back it!'

Jondran did not budge. Nor did Pinkey's gun rise farther. The big-shot saw

the full reason for Jondran's calm. The gray-haired man was not alone. Pinkey hadn't noticed that at first; nor had his companions.

For the form near Jondran's desk was immobile: a statue that might have been carved from solid ebony. That figure was cloaked; upon its head rested a slouch hat. Against the blackish background, Jondran's protector would have passed unnoticed, except for a sound that issued from his lips.

That tone was a taunting laugh: a quiver that brought shuddering echoes from every wall; a mirth that rose amid the crackle of the flames in the fireplace. The flickery glow showed other features of that living shape in black.

Pinkey faced the burn of brilliant eyes that peered from beneath the hat brim. Below those brilliant orbs, he saw the twin muzzles of two automatics trained straight toward the doorway where he stood.

Pinkey found his voice. He spat the name: 'The Shadow!' But the racketeer's words were weak.

They were drowned by the strident challenge that came from The Shadow's own lips!

CHAPTER XXI

FORGOTTEN CRIME

THOUGHTS were drumming through Pinkey's brain - thoughts that he didn't like. He realized that The Shadow had been here all along; that he had talked to Jondran while Pinkey and Slick were waiting in the reception room.

That was all part of the build-up for the pay-off that The Shadow wanted.

Jondran had cooperated, by telling The Shadow about the unfinished vault.

A neat game. One that ought to have forced Pinkey to quit. Perhaps it would have, if Pinkey hadn't caught a sudden brain wave. He realized that he still held a threat.

That threat was the envelope in Pinkey's own pocket: the one with the evidence incriminating four men who were important in Jondran's big business enterprises.

And Jondran had overplayed the bluff. He had chucked the other envelope in

the fire!

With that deed, Jondran had destroyed the only evidence that could save his huge corporation. He had evidently made the gesture to strengthen his bluff. No wonder; he had The Shadow with him. But he'd given Pinkey an opportunity.

If Pinkey could only get out of this tight spot, he would still be able to

bring Jondran to terms.

Slowly, Pinkey backed away from The Shadow's guns. He tried to make his retreat seem a fear inspired action; but all the while, Pinkey was remembering that he had two men with him. He could depend on Slick and Bugs; and he knew that Bugs had a gun crew in readiness.

But that wasn't the only way in which Bugs counted. Bugs was dumb enough to be what Pinkey termed a 'fall guy;' which meant that Bugs would bear the brunt when The Shadow attacked.

Almost at the door, Pinkey made a sudden sidestep. He grabbed Bugs, who was on his left. Making a gesture with his own gun, Pinkey shouted:

'Get The Shadow!'

Bugs lunged forward. He was aiming as he came; but his shot never reached The Shadow. A big automatic spoke; Bugs went sprawling, his own gun toppling at

an angle toward the floor. He served one purpose, though, in that mad endeavor.

Pinkey was out through the doorway before Bugs fell. Wisely, the big-shot had ducked behind Bugs.

As he scrambled across the anteroom, Pinkey found a man beside him. He gave hurried approval:

'Good work, Slick! You made it, too! Come on - give a yell for the crew and we'll go back after The Shadow!'

The mob was coming without call. They had heard the sound of gunfire.

They

were piling in through the front door, all five of them. Pinkey pointed them toward Jondran's study, giving the only shout that was needed:

'The Shadow!'

Thugs saw the Shadow at the doorway. His guns began to boom. They were joined by other shots that came from the front of the house.

Crooks sprawled, their guns unfired. The few who turned, writhing from the

floor, saw Inspector Joe Cardona heading a squad of detectives!

The Shadow had turned this house into a trap, letting the law decide the final issue!

THAT wasn't going to save The Shadow. Not if Pinkey knew it! He had reached a corner, hauling Slick with him. In the mix-up, Pinkey saw his chance.

He aimed straight for The Shadow, pulled the trigger of his gun.

The bullet missed.

Pinkey was toppling when he fired, twisted by the impact of a bullet. Who had fired that shot, Pinkey could guess. It hadn't been The Shadow; he was busy

with the last of the thugs.

Somehow, though, The Shadow had known that Pinkey would he handled; for he

had not bothered with the racketeer.

While his wild shot echoed, Pinkey rolled on the floor. He dropped his gun; clamped his hands against his side. He heard The Shadow's triumphant laugh; then stared up to see eyes that were glowering down at him.

It wasn't The Shadow who stood above Pinkey; it was Joe Cardona.

Pinkey's eyes were glazing; but they took in more. He saw Slick Thurley with detectives grouped about him. Pinkey snarled his contempt for Slick's surrender:

'So you're yellow, Slick -'

Another face came into view. It was that of Giles Jondran. The gray-haired

man took no delight in the fact that Pinkey was mortally wounded; but the big-shot didn't want Jondran's sympathy.

Pinkey hadn't managed to finish The Shadow; but he could fix Giles Jondran.

'You thought you pulled a fast one, Jondran,' coughed Pinkey. 'But you didn't. These bulls have got me; but I'll live long enough to make you squirm!'

Propped on one elbow, Pinkey pulled the big envelope from his pocket, thrust it into the hands of Joe

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