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There's been too much of it!"

"I don't understand you," said Delmuth coldly.

Sherwood Mayo sat back and folded his arms. He looked about the group, as though expecting some other person to take up the cudgels. One of the other men spoke.

"We can't give you this account, Delmuth," said a sharp-faced individual. "There's two reasons why. One is, Mayo won't let us. The other is, the account's already placed.

"But I have a proposition to make. I have interests in the Grandoso Cigar Co. I'll swing you that account if you will keep away from concerns who are in the lotion business."

"When do I get the Grandoso account?" asked Delmuth.

"This week," was the reply.

"Fair enough," said Delmuth, rising and staring from one person to another. "I'll wait to the end of the week!"

"All right," said the man who had spoken before. "That settles it. You get the Grandoso account. I'll see you in your office, and we can go over the details. We'll line it up so that if you sign with any lotion concern, that will be the end of the Grandoso job."

Delmuth bowed and left the room.

"Now," said Mayo ironically, "we have finished with bribery. We can attend to business."

"I think he'll play fair on that basis," said the sharp-faced man.

"Delmuth is not likely to play fair on any basis," declared Mayo quietly. "You don't know him, Rawlings. If you did, you would not negotiate with him. However, I warned you.

"We can do with this makeshift arrangement. He will want to hold the Grandoso account, and that will give us a head start. But if he gets a good offer from a rival lotion concern, I warn you, he will drop the cigar advertising in a moment!"

The door was closed during this discussion. Delmuth, in the hallway, was putting on his overcoat while the servant held it.

Going down in the elevator, the advertising man felt in both inside and outside pockets.

He smiled as he felt the envelope and the revolver.

In the taxicab, Delmuth drew the envelope front his pocket. He held it between his hands as he smiled, and speculated on what had transpired.

"The fools!" he exclaimed in a low voice. "Handing me that soft proposition. They're stalling for time, and they don't think I know it — none except Mayo.

"They can have six months start for all I care — the way Mayo keeps bidding back on all his propositions. Then I can break out with another lotion, and it will be the same story over again.

"As for that Grandoso account, they'll find out that their contract will be a hard one to break, without paying plenty. Fools!" He laughed softly. "If they only knew what was in this envelope!

"Well, that's over, and I didn't have to say more than a few words. Easy money and no work!" Delmuth opened the envelope as he spoke. He removed a paper which it contained, and unfolded the document.

The cab was stopped near a traffic light. Leaning forward. Sidney Delmuth quickly scanned the written lines that appeared on the paper, checking all with care. Looking from the windows, he made sure that no one was observing him from a near-by vehicle.

Then, leaning back in his seat, Delmuth tore the paper to pieces. The tiny fragments fluttered from the window as the cab rolled along.

Sidney Delmuth was bound for the Cobalt Club. He had given that address to the driver when he had entered the cab. The vehicle stopped at its destination and Delmuth alighted. He entered the club and gave his hat and overcoat to an attendant. In the smoking room, Sidney Delmuth sat in a corner chair and noted the various members who were there. Among them was Rutledge Mann.

Meanwhile, Delmuth's overcoat was hanging in the check room, near the counter. The attendant was reading a newspaper. Had he glanced up, he would have witnessed a startling sight. A hand, apparently coming from nowhere, was approaching the pocket of a dark-gray overcoat. The hand paused and went away, carrying a manila envelope. Half a minute passed.

The hand returned and replaced the envelope as it had found it.

The attendant, had he witnessed the event, would have been astonished. Sidney Delmuth, had he been present to see, would have been pleased. For he had anticipated the occurrence, and had prepared for it.

The hand of The Shadow had stretched forth to grasp a prize. It had gained only an empty envelope!

Chapter XII — Stuart Encounters Trouble

It was the second night of Stuart Bruxton's sojourn in Greenhurst. So far, nothing had occurred to disturb the tranquillity.

Of all places, this peaceful summer resort seemed a most unlikely one for strife. It was for that very reason that Stuart was now alone in his room at the hotel, making his plans for this night. Stuart had been sent here to Massachusetts to conduct an investigation. He had been advised not to act decisively without first reporting to Harry Vincent.

His duty was one of observation. But Stuart felt that observation and action would go very well together; and on this occasion, he intended to try it out.

He had come here to watch two men, without interfering in their normal plans. Luck had broken his way. Paul Hawthorne and Sherwood Mayo had proved to be on friendly terms.

Sizing the two up, Stuart was well convinced that Hawthorne held a very minor position in the mind of Mayo. On the contrary, the multimillionaire loomed as a large factor in Hawthorne's limited world. Sherwood Mayo was a man of large affairs. Paul Hawthorne was a speculator, and something of an adventurer. Mayo appeared care free. Hawthorne seemed to dread some danger. These facts were significant. If a menace really existed for Hawthorne -

outside of the man's own imagination — it must come from an outside source. The promoter gave indications of fearing secret enemies.

On the other hand, Mayo's position, which seemed so secure, might be threatened without the millionaire realizing it. Mayo did not impress Stuart as a type of man who would bother with trivialities. Some scheme might be on foot without the millionaire suspecting the existence of a plot. Mayo was out of the picture tonight. That morning, his speedy monoplane had zoomed over the hotel, headed south for New York. That lightened Stuart's appointed task by half. He had only Hawthorne to consider at present.

But Stuart had a feeling that there might be a third man in this drama. He could not forget that tall, shadowy figure that he had seen outside the gate of Mayo's estate!

Tonight, Stuart intended to play the part of an active observer. From a package on his bed, he removed a suit of dark clothing — rough, ill-fitting garments that he had purchased in the village. Attired in these, he would not be recognized. There was a side door to the hotel, and it was no task to slip in and out without being observed.

Dressed, Stuart grinned as he viewed himself in the mirror. He looked like a farmhand ready for a night out. The dark, long-visored cap came over his eyes. That would do for the present. He could hide his features more effectively, later on.

Stuart slipped a businesslike revolver into his coat pocket. It was a short, snub-nosed.32

that made no bulge. He stole downstairs and left by the side door.

Once again the night was pitch black. Hovering clouds obscured the starlight. It was an ideal time for a secret prowl.

Striding up the road to Hawthorne's, Stuart found his thoughts reverting to the mysterious person whom he had seen beside the pillar of Mayo's wall.

Was that being at large tonight? The thought caused Stuart's hand to creep to his coat pocket. Perhaps the man had some connection with those fiends in Maryland! If so, an encounter here would be enjoyable. Stuart felt that he would like to meet both the old man with the smiling face and the monster, Grady.

Cautiously nearing Hawthorne's, Stuart saw a light in the window. He made a sweeping circuit through the woods, and crawled toward the house.