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"I get it. No need for them to go back aboard."

"None at all. The captain of the Dalmatia has been paid to keep mum. He doesn't know what he's unloading. Thinks it's liquor on which the duty is too high for shipment through the customs."

"He must be a sap."

"He probably is, or he would not be the skipper of a hopeless tub like the Dalmatia. Here's something else important. The Maldah has been sighted, stranded in shoal water by Hamplin's Inlet."

"That's only twenty miles from here. Who sighted her?"

"A coast guard cutter. It couldn't get through; and the Maldah has signaled that she needs no aid."

"No radio report?"

"None. The Maldah has apparently been unable to repair the wireless equipment. So nobody knows yet that some of the passengers came ashore."

"Why do you think Feldworth is stalling them off? His ship's aground."

"He probably doesn't want to pay salvage on the yacht. I can't see why, though. He has plenty of money. It works to our advantage, however. There won't be any search for these castaways until after we unload the Dalmatia."

Tick - tick - tick

THE SHADOW listened. A new message was coming from Tully. Elger was back at the key, acknowledging. Clicked words followed. An exclamation came from Elger's lips. The Shadow knew the reason. He had heard the message also. He lingered to hear Elger's comments to Ruff.

"Tully just got a phone call from Dalavan," announced Elger, in a harsh tone. "Dalavan's in Georgia. Got off a train at the station near Tully's shack."

"He isn't going to Charleston, then?" quizzed Ruff.

"No," Elger spoke, grimly. "Somebody spotted him in New York at the Hotel Bonzell. It may have been The Shadow."

"Dalavan took it on the lam?"

"Yes. With the evidence that would have made trouble. That's all Tully knows. He's going to bring Dalavan here. He's bringing Chunk along, too. They'll pull in by boat at the upper inlet and wait there while Dalavan comes up to the house."

"To report to you?"

"Yes. He can pose as a chance visitor. I'll introduce him to the other guests in the morning. We'll say that he sent the boat back, not knowing that I wanted to make contact with the mainland. But the boat will stay here."

Elger paused, then glanced at notations he had made while receiving Tully's message. A puzzled frown appeared upon his countenance.

"Here's something I can't figure out," he remarked. "Dalavan told Tully that he can purchase thirty-six shares of Consolidated Securities at twenty-two and one half. Says they are on order."

"Some stock you ordered, chief?" inquired Ruff.

"No," returned Elger, still puzzled.

"I never heard of the stock before. I'll ask Dalavan about it when he comes."

A MOTION beyond the door of the cavern; The Shadow was moving further back into the darkness. Since Elger did not intend to question Tully regarding Dalavan's mention of securities, there was no reason for The Shadow to remain. The Shadow had learned facts that strengthened his position.

Elger believed that The Shadow was in New York; that it was he who had tried to spot Dalavan. This proved conclusively that Elger did not have even the mildest suspicion that The Shadow was one of his guests on Timour Isle.

More important, however, was the quotation of figures that Tully had given over the wire. Rutledge Mann had purposely named thirty-six shares of Consolidated Securities as the number available; and there was a reason why he had stated the price as twenty-two and one half.

Even without a map at hand, The Shadow knew that South Carolina was the thirty-sixth State in size; and that Charleston was located at point twenty-two and one half, according to The Shadow's system of measurement.

The Shadow knew that Mann had discovered the meaning of the message that had come through Dalavan. Mann had sent an answer back through the same channel. Since The Shadow wanted agents here, Mann's message naturally signified the route that they had chosen. They would board the Dalmatia at Charleston; The Shadow was sure that they would find a way to come ashore with the swag, when the tramp steamer neared Timour Isle.

Under the circumstances, the fact that Dalavan suspected he was followed and had chosen to come by the usual route was all for the better. Edging away in darkness, The Shadow caught a last statement from Elger to Ruff.

"I'm going to tell Golga to be ready for Dalavan," informed Elger. "I shall come back here, to arrange the treasures for later shipment to the mainland. When Dalavan arrives, Golga can show him into the den. Dalavan can wait for me there. It will be a few hours before he arrives."

Elger turned toward the outer cavern that led to the secret passage to his house. He encountered vacated darkness. The Shadow had departed. Moving noiselessly through the gloom ahead, The Shadow was en route to the look-out house.

The Shadow was gone from Elger's den when the master crook arrived there.

CHAPTER XII. THE SHADOW'S CHALLENGE

MIDNIGHT had passed. All was quiet in the house on Timour Isle. Golga, seated in the darkness of the living room, was listening intently. He was under orders from Purvis Elger.

Hours ago, his chief had stolen in here to announce that George Dalavan was due to arrive tonight. Then Elger had departed. Golga had waited stolidly, until the time for Dalavan's arrival had neared. The big servant had become restless.

Pacing to the door of the living room, Golga listened. All silent in the hall. The guests were asleep. Outside winds were scarcely audible tonight. There were no disturbing sounds to cover noises that might occur within the house.

A scratching tap from the front door. Golga moved cautiously in that direction. Slowly, he drew back the bolts. He opened the door a few inches. Pallid moonlight showed a mustached countenance beyond. It was George Dalavan.

Stepping back, Golga admitted the arrival. He closed the door and bolted it, drew Dalavan into the living room, Cautiously, the servant whispered Elger's instructions. Dalavan nodded his understanding. He tiptoed out into the hall, back toward Elger's den.

Golga listened from the door of the living room. The servant wanted to be sure that none of the guests had heard Dalavan's entry. No sound disturbed the silence of the hallway. Golga moved back into the living room.

It was then that darkness stirred. From a doorway in the hall, blackness came to life. A shrouded form blocked the slight light that came from the rear hall. That shape became the figure of The Shadow, moving stealthily, unheard by Golga, toward the goal that Dalavan had chosen.

George Dalavan had entered, carrying his square-shaped suitcase. When he reached the den, he found the room deserted. Placing the case upon the desk, he opened it and removed four objects. The first was the Lamballe tiara; the second, the envelope containing Tolwig's fifty thousand dollars; the third was the sheaf of shorthand notations compiled by the dead investigator Bagland; the fourth, the receipt that Dalavan had signed.

With a suave grin, Dalavan spread these exhibits upon the desk. He looked toward the door of the bedroom, expecting Elger to appear. Seeing no sign of his chief, Dalavan lighted a cigarette and strolled about the study, glancing at books that were strewn there.

The door from the hall was opening, inch by inch. Keen eyes were peering inward. The door moved more swiftly. Blackness edged into the room. The Shadow, cloaked being of vengeance, closed the door behind him and stared steadily at Dalavan.

The murderer heard the slight click of the door. He turned about, expecting to see Golga. Dalavan's face showed sudden horror; the cigarette dropped from his trembling fingers. Once again, Dalavan was staring into the looming mouth of an automatic, gripped by an avenger in black.

DALAVAN froze, exactly as he had done at Tolwig's bungalow near Miami. He had discounted The Shadow's prowess; for his safe flight had given him confidence. Moreover, the New York episode had made Dalavan believe that he could shake The Shadow from his trail. Thus The Shadow's unexpected appearance, in Elger's own den, was a complete blow to Dalavan. The murderer quailed.