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That was the laugh of The Shadow. It had significance tonight. The Shadow had watched two men at work. Claude Jerwyn and Rodney Casper had never met. Each, tonight, had been playing a game of his own.

Both sought the Spanish jewels. Jerwyn, spying, had gained the information that he could pass to Marty Lunk. The possibility of a gang raid at Hampton Uhler’s country residence had been a vital thought to Claude Jerwyn.

To Rodney Casper, the problem had been one of subtle strategy. Cleverly, he had introduced himself to Howard Laustin. Through the retired manufacturer, he was planning to gain access to Hampton Uhler’s home.

Jerwyn had seen Casper; yet it was plain that he had taken the man for an ordinary guest — not as the hidden sponsor of Valdo’s scheme. Casper, on the contrary, had not seen Jerwyn. He did not know that Lorenna’s manager had learned the details of Uhler’s strongroom.

Two men were confident. In that one respect, Rodney Casper and Claude Jerwyn were alike. Such was the situation that produced The Shadow’s laugh. For in this strange approach of cross-purposes, The Shadow held the key.

He could divine the plans of Rodney Casper. He could foresee the actions of Claude Jerwyn. Yet those who sought the wealth of Hampton Uhler had failed to see the hand of The Shadow, as it stretched across their paths!

CHAPTER XII. WORD TO THE SHADOW

“So Jerwyn wants the money. Eh, Valdo?”

“Yes.”

“And he says that Howard Laustin has the gems.”

“Yes. He said the girl told Lorenna that her father was keeping them.”

“Did you talk to Lorenna?”

“No. Jerwyn was there to stop me when I came into his house. I could not see Lorenna.”

This was the conversation that Harry Vincent, agent of The Shadow, overheard as he sat in his room adjoining Rodney Casper’s suite.

Neither of the speakers — Casper nor Valdo — knew that their words were audible to a listener. Their talk was passing through a microphone, secretly installed in Casper’s living room, to the earphones which Harry Vincent now was wearing.

It was Friday night — less than twenty-four hours after the meeting between Rodney Casper and Howard Laustin. Harry had been off duty Thursday evening, because of Casper’s absence from the hotel. Some time before Harry’s return, the dictograph had been installed.

Working under new orders that had come through Burbank, Harry had remained at the earphones since morning. He had heard Valdo leave at eight o’clock this evening. Now, one hour later, the gypsy had returned.

The rays of a small table lamp showed the pad upon which Harry was taking shorthand notes of Casper’s conversation with Valdo. Harry’s eyes were on the pad. His hand was poised, for the conversation had temporarily ended. Yet Harry was still concentrated upon his work — so much so, that he did not sense a living presence close behind him.

A being had entered the room. Keen eyes, peering over Harry’s shoulder, were reading the young man’s notations. Then, like a spectral shape from the darkness, came a long white hand. Harry Vincent stared as The Shadow’s girasol sparkled before his gaze. Fingers clicked the table lamp. The room was plunged in darkness.

Recovered from his momentary start, Harry sat stock-still. The girasol had been The Shadow’s token of identity. The agent knew that the master had arrived. Then, while Harry waited, the earphones were lifted from his head. The Shadow was taking up the work which Harry had begun.

THERE had been reason for Rodney Casper’s pause. In the next room, the man who sought the Spanish gems was pacing back and forth. The cork-tip of a cigarette was pressed between his shrewdly curled lips. A suave expression showed the trend of Casper’s thoughts.

The Shadow could not observe this; but the dictograph served sufficiently. For Casper, his pacing ended, broke forth with a series of remarks that expressed his full thoughts to Valdo.

“Jerwyn thinks that he is clever!” Casper’s tone was half a snarl. “He took Lorenna to Laustin’s last night. There, Lorenna learned who has the gems. But Jerwyn kept that knowledge to himself.

“I was there, Valdo! That is why I know. I was with Howard Laustin, when his daughter, Shirley, asked him where he had obtained the topaz pendant. I know that Shirley must have passed that word to Lorenna. It was obvious — to me at least — that Lorenna had prompted the girl to question her father.”

“Lorenna would tell me.” protested Valdo. “But Jerwyn — he will not let me speak to her until after—”

“Until after he gets the money. Perhaps not then, unless he has coached Lorenna to keep silent. He might do that, Valdo, by threatening harm to you.”

A fierce muttering came from Valdo’s lips. The gypsy word “gajo” was followed by a mumbled curse.

“The game is plain,” sneered Casper. “Jerwyn has told you that Laustin has the gems. That, to begin with, is a lie. He will follow one lie with another. He wants the money — and with it, he has promised to tell you more about—”

“Yes. He said that he could tell where the gems are kept. He said that I could tell my chief — that is you, baro rai, that soon you could go there to get them.”

“A good story,” scoffed Casper. “It is fortunate that I did not trust this fellow Jerwyn. I see his game. He wants his money and he wants the gems also.

“Here is his purpose, Valdo. He intends to keep me waiting for a few days, pretending that there will be opportunity to gain the gems from Laustin. But Laustin does not have them. They belong to a man named Hampton Uhler.

“That man, Valdo, has a great house at a place called Theswick. It is high above the river, Valdo; above the Hudson River — the same river where the police found the body of Mandrez. But Theswick is more than twenty miles above New York.

“While I am here, waiting for new word from Jerwyn, he will tell his gangster friends that Uhler has the gems. They will go to Theswick. They will steal the wealth before I have the opportunity to take it.”

VALDO’S eyes were gleaming. The gypsy’s face showed intense hatred. His nods were signs that he agreed with Casper’s statements.

“We shall beat him at his own game, Valdo,” declared Casper. “Jerwyn does not know me. He does not know that I have made friends with Howard Laustin. He does not know that Laustin and I intend to visit Hampton Uhler.

“Tonight, Valdo, I shall call Laustin. I intend to tell him that I expect to leave New York; to ask him to arrange an immediate visit to Hampton Uhler. I shall arrive there before the gangsters. My work will be done.

“Perhaps I can set a snare for them, so that we may expect no trouble later. But in the meantime, Valdo, we must keep Jerwyn from suspecting.”

“That is good,” asserted Valdo. “But when he tell me that he must have the money — tonight—”

“That will be our bait,” interposed Casper, with a chuckle. “Did you tell him that you would bring the money, Valdo?”

“Yes. I make the promise. I must be at the house by ten o’clock. That is what I say—”

“You will be there at ten. But not with the money. Why trust the money in the hands of a rogue who has tried to trick us? Once Jerwyn has swindled me, he will tell the gangsters to start for Uhler’s. We must have delay, Valdo. One day — perhaps two—”

Casper paused in meditation. His footfalls, thudding as he paced across the thin rug, came muffled to The Shadow’s listening ears.

“Tell him this, Valdo.” ordered Casper. “Tell Jerwyn that I am pleased. Tell him the truth about me — that I travel as a gentleman — that I have credit everywhere.

“Then add that I do not have the money with me. Tell him that I shall obtain it at once, from London or from Buenos Aires, through a bank here in New York. Say that I hope to have the money by tomorrow night.”