pirate raids.

Naturally, the manor house had been the focal point, with passages leading to the slave quarters and the look-out house. Elger had simply changed the arrangement. He kept the look-out as his own abode; he had Ruff and the receiving crew back in the swamp, near the site of the vanished slave quarters.

The caverns were doubly protected; either Elger or Ruff could come to them. Far apart, there seemed no connection between the two groups of inhabitants on Timour Isle.

Elger had already fenced some swag through Dalavan, as a 'feeler' for the future. That meant a contact; and Elger had one. A telegraph cable led through the swamp to the mainland. Near some town was Tully, the telegrapher, ready to relay messages anywhere. Tully also had a receiving station for wireless messages; thus he had learned about the Dalmatia and would gain facts regarding the Maldah.

While The Shadow watched Elger, the portly crook finished his reverie. He carefully dumped the ashes from his meerschaum and placed the pipe in his pocket. That done, Elger turned to the telegraph key and tapped a message with his pudgy hand. The Shadow read the clicks, which were sent in Morse.

Elger gave the names of the persons who had arrived on Timour Isle. He stated that they would remain as his guests for the present. He instructed Tully to gain information regarding the yacht Maldah. Elger added orders that concerned George Dalavan.

The taps of the key told Tully to send a letter to New York by the night mail, instructing Dalavan to come to Timour Isle. Elger forwarded the suggestion that Dalavan travel to Charleston and board the Dalmatia there. He added, however, that such procedure would be optional. Should Dalavan prefer, he could come to the isle by the usual route.

Elger did not specify details regarding the 'usual route.' It probably meant that Dalavan had formerly come to some town in Georgia, perhaps the one where Tully was located, and from there had reached Timour Isle by a small boat.

Through such expeditions, Dalavan had doubtlessly received the Lamballe tiara and other valuable items, which he had taken along to peddle to close-mouthed curio collectors. It was evident to The Shadow that Dalavan had been confident that he had left no trail from Miami; otherwise, the murderer would have headed for the safety of Timour Isle. Unquestionably, Dalavan had discounted the importance of the sheet of paper that he had been forced to leave at James Tolwig's.

In suggesting that Dalavan come by the Dalmatia, Elger was making allowance for the hurricane. There would be a chance that the usual route would be closed for some days after the storm, as Georgia roads are frequently flooded after heavy rains.

His orders completed, Elger arose and turned directly toward the cavern where The Shadow stood. As he stepped forward, the crook did not spy the tall form of the onlooker.

The Shadow faded away before Elger arrived. He chose a darkened spot behind the suits of armor; there, The Shadow waited while Elger went through the cavern and chose the passage back to the look-out house.

DARKNESS followed Elger's departure, for the crook took the lantern with him. Soon, The Shadow's flashlight carved the blackness. Entering the central cavern, The Shadow focused the gleam upon the telegraph key.

A low laugh whispered through the musty air. Gloved fingers pressed the telegraph key. It clicked; then came a pause. Again, The Shadow tapped. There was a response from the other end. The Shadow began to send a message. His taps were a perfect copy of Elger's leisurely style.

'Add in letter to Dalavan,' ordered The Shadow. 'Obtain information regarding preferred stock Argentum Silver Mines. Learn if any is available at nineteen.

'Also inquire about Eastern Zinc, Incorporated. Selling at twelve and one quarter. Make inquiries through Rutledge Mann, investment broker, Badger Building, New York.

'Ask for information on Consolidated Securities; send immediate report on same. Tell Dalavan to approach Mann as a possible client who has learned of these investments.'

The Shadow waited while Tully's reply ticked back. The man on the mainland was repeating the message. He had taken it as a bona-fide order from Elger.

The tiny flashlight cut a line of illumination across the central vault as The Shadow made his way toward the exit that Ruff had taken. Passing into the next cavern, the investigator discovered another store of valuables.

Here were other chests. The Shadow lifted one and judged from its weight that it contained metal, probably gold or silver plate. Upon a box in the corner of the room stood a cluster of bronze and silver statuettes. Against another wall was an upright mummy case.

Apparently, Purvis Elger had used many connections with continental thieves in order to acquire this hoard of valuables. Recalling the rogue's conversation with Ruff, The Shadow estimated that at least a dozen shipments must have been taken ashore at Timour Isle.

A DOOR led from this cavern. It was locked, to close the path that Ruff had taken. The flashlight's gleam focused upon a keyhole. A gloved hand moved forward, carrying a blackened metal pick. The Shadow probed the lock.

The door yielded. The Shadow stepped through and locked it from the other side. His flashlight glimmered to show a passage wider than the one that led to Elger's house. This had evidently been used - years ago - for the removal of valuables to the safety of the swamp.

This passage was also longer than the other. When The Shadow reached the end of it, he found himself in a low cellar. His light showed a flight of steps in the corner. Moving upward, The Shadow encountered a heavy trapdoor. He raised it and emerged into the night.

Winds whistled fiercely through the trees that sheltered this spot. Moist, matted underbrush settled soggily in place as The Shadow lowered the trap. He had come from one of the cellars in the old slave quarters. The entrance was hidden by clustered jungle weeds that rested on it.

A glimmer of the flashlight showed a tangle of cypress roots that formed a higher level. In darkness, The Shadow stepped upward, then paused abruptly. From close by, he heard a squdgy sound; indication of a footstep in swampy ground. The Shadow waited; the next token was a scrape against a cypress root. The Shadow wheeled; shot both hands into the darkness.

The move was timely. A bulky figure hurtled upon The Shadow. A snarl came from the attacker's lips as The Shadow grappled. It was not Ruff Turney's tone. This fighter was an underling, like 'Nicky' and 'Hungry,' the two who had been slain on the beach. The fellow had merely chanced upon The Shadow.

Luck served the attacker. Twisting away, The Shadow backed against a cypress; lost his footing and came to one knee. Ham-like hands clutched for his throat; The Shadow gave a gasp that brought a pleased snarl from his antagonist. The thug choked harder, ignoring the clutch of The Shadow's hands upon his arms.

That was all The Shadow needed. His grip tightened; he shot his body upward like a trip hammer. His shoulders hoisted backward; the attacker was propelled headlong by the sudden jujitsu thrust.

It came so forcefully that the thug lost his finger grip upon The Shadow's throat. A surprised snarl sounded as the crook took his six-foot dive; there was a crackling of underbrush, followed by a dull crash some distance below.

Crawling down beside the cypress roots, The Shadow used his flashlight to discover an opening in the jungle- like growth; The gleam displayed a pit, eight feet deep; at the bottom lay a twisted figure, back upward, but with goggle-eyed face turned full about.

The thug had plunged through a third layer of overgrowth into a forgotten cellar. His head had struck the stone floor; his neck had been broken in the crash. It was plain that his death had been instant.

THE SHADOW extinguished his light. He took to the marshy ground; changed course to seek a higher level. Picking a direction through vines and brambles, he reached a spot where the howling winds increased; and the roar of surf came with crashing tumult.

The Shadow had gained the beach, above the lower inlet. He took a course beneath the fringing trees. Shrouded beneath the overhanging branches of oaks, the weird prowler moved toward the look-out house. Reaching the building, The Shadow skirted the tabby walls to arrive at a side window of the living room.

There, he found outside bars, set in a frame held by heavy screws. The Shadow produced a small combination tool that served as screwdriver. He loosened the framework and removed it.

The Shadow had anticipated this easy entry. He knew that Elger had no need for barred windows; these frames were a mere pretense, to build up Elger's claim that he was a recluse who feared prowlers.

The Shadow opened the clamped window sash by means of a thin metal wedge. Entering the house, he

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