as well as pushing his brief acquaintance with Melbrun.

In the letters, Barney proposed that Melbrun and five other wealthy men contribute fifty thousand dollars each, toward the promotion of a championship prize fight to be held in the Middle West. Barney could guarantee them a high return upon their money, so he said. A guarantee was needed to make the championship bout possible; after that, all would be plain sailing.

Considering Barney's status, the commissioner saw nothing wrong with the proposal, and so stated to Melbrun. Listening, with quite different thoughts, The Shadow learned that Melbrun agreed with Weston. The thing that bothered Melbrun was another phase of the matter.

Melbrun's voice was audible through the receiver; The Shadow caught every word, along with Weston.

'Look at the last letter, commissioner,' insisted Melbrun. 'The one that came this afternoon. Kelm wanted us all to bring our money in cash. I arrived too late to go to the bank, so I decided to wait until I heard from Kelm again.

'It seemed dangerous, having all that money loose. I wanted to tell Kelm so. If such men as Jake Smarley or Flush Tygert should hear of it, they would attempt another of their daring crimes. Then it occurred to me that you should be the person to warn Kelm.'

There was a pause. Weston inserted the words:

'Quite so, Melbrun.'

'I was just about to leave the house,' continued Melbrun, 'when I received

a call from Kelm. He tells me that he is at the Hotel Clairmont; that the other

five financiers are with him. They have all brought their money, and are simply

waiting for me.'

'Did you tell Kelm you would come?'

'Yes,' returned Melbrun. 'I told him to wait; to do nothing until I arrived. It will take me at least twenty minutes to reach the hotel, commissioner. But you are nearer; you could get there in a quarter hour.'

'I'll see you there, Melbrun.'

HANGING up, Weston turned to Cardona. The commissioner expostulated on the

importance of the news.

Meanwhile The Shadow, glancing toward the window, saw a blink of lights below. Moe's cab had parked in the side street; the driver was flashing a signal. Unnoticed, The Shadow strolled from the office.

'Suppose that crooks have been watching Barney Kelm,' Weston was saying.

'They might be watching him, too, hoping on revenge because of what he did to them at Lody's. If so, they have learned of tonight's transaction. Call headquarters, inspector, and order some picked men to meet us at the Clairmont.

We must start there, at once.'

While Cardona was phoning, Weston looked about, then questioned Boland:

'Where did Cranston go?'

Boland replied that the commissioner's friend had gone back to the Cobalt Club; that he would meet Weston there later. The commissioner gave a contemptuous snort; then, as Cardona finished the headquarters call, Weston dismissed thoughts of Cranston and told the inspector to come along.

Before Weston and Cardona had reached the street, a cab was pulling away.

Its passenger was Cranston, but Weston would not have recognized his friend.

Already, Cranston had become The Shadow. Garbed in black, he was tuning in his shortwave radio, to get Burbank's latest word.

Reports from agents. The lieutenants who served Five-face had suddenly begun to move. Driving separate cars, the three were picking up thugs as passengers. As The Shadow listened, Burbank relayed a report from Hawkeye. The spotter had learned where the crooks were heading - to the Hotel Clairmont.

According to Arnold Melbrun, the Clairmont could be reached in fifteen minutes from his office. In Moe's cab, with the speedy driver at the wheel, The

Shadow expected to cut the trip to ten. Those minutes would be precious.

Barney Kelm was already at the Hotel Clairmont, chatting with the five financiers who had brought fifty thousand dollars apiece. Barney Kelm wasn't the public hero that the law supposed. He was Five-face: Jake Smarley, Flush Tygert and Barney himself, all rolled into one, the most dangerous master crook

in all America!

Would Barney wait for Melbrun to appear? If he did, all would be well. If not, even The Shadow, with all his speed, might be too late to prevent the theft of another quarter million by the public enemy who basked in a hero's guise.

CHAPTER XIII

CASH IN ADVANCE

FIVE men were seated in a little room on the mezzanine floor of the Hotel Clairmont, bundles of cash piled in front of them. They had brought their money; they were waiting for Barney Kelm to finally sell them on his proposition. A few details, certain guarantees, were all that had to be settled.

The financiers felt quite secure. This conference had been kept strictly private; it seemed impossible that news of it could have leaked out. The doors of the room were bolted and the windows had grilled gratings, for this room was

specially designed for conferences.

Besides, the very presence of Barney Kelm was a guarantee of safety.

These

financiers did not share the qualms of Commissioner Weston. They did not think of Barney as a man hounded by criminals. They regarded him as a man who could settle crooks; for he had proven his ability in that line.

Down in the lobby were half a dozen of Barney's 'boys,' tough-fisted pugs who would rally the moment that their boss called them. The financiers had looked those young chaps over when they entered, and felt quite happy because such guards were on hand to protect them.

There was a heavy knock at the door, repeated in the fashion of the signal. A gray-haired man opened the door and admitted Barney. Wearing his derby hat, the smiling promoter strolled cockily to the table.

'I just called Melbrun,' said Barney. 'He was at his house, and he says he'll be coming down here. But he came in late from Norfolk, and from the way he talked, I don't think he'll have his cash with him.'

Sharp looks passed among the financiers. This was to be a strictly cash transaction; one man mentioned it, and Barney nodded his approval.

'We don't need Melbrun,' he decided. 'This is a quarter-million-dollar deal, and we've got that much right now. Here are the papers, gentlemen. Look them over.'

Barney placed an old valise on the conference table. Oddly, it was the same valise that Flush Tygert had carried away from the Diamond Mart. Old Breddle hadn't given a good description of that bag, so it excited no suspicion. Still, it was curious that Barney should be using an item that might

link him with Flush.

There was a reason. Like nearly every big-time criminal, Five-face was superstitious. As Flush, he had lugged that valise through a very tough tangle of circumstances, and had wound up with a successful getaway. As Barney, he wanted his luck to hold, and the valise was a good token.

In addition, Barney knew of only one person outside of Breddle who would recognize the valise. Barney was thinking of The Shadow. He was positive that on this occasion the cloaked fighter would not cross his path.

From the valise, Barney took stacks of papers that looked like contracts and handed them around the circle. Strolling across the room, he stopped near a

side door and took a cigar from a box that lay on a table. Lighting the perfecto, Barney leaned against the door and let one hand steal behind him.

He was sliding back the bolt, leaving the door unlocked. Thus, he was opening a route by which others might enter, when he called them. The room, therewith, would have two exits, for the front door was merely latched, not bolted.

Surprised exclamations came from the men about the table. The documents that Barney had given them were merely blank contracts, specifying nothing regarding the promoter's proposition. Hearing queries, Barney

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