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"You think you can work it through Bronlon?" asked Major.

"Certainly," replied Judge. "In the meantime, the expansion of the Middletown Trust Company, with the establishment of branches to replace those of the defunct County National Bank, will mean a shifting of cashier and tellers. Their departure will be unnoticed."

"There's going to be a blow-off, some day," said Butcher, in a worried tone. "Those numbers—"

"Certainly," said Judge sagely. "But it will be long deferred. When it arrives, the successor of David Traver will be the one who is holding the bag. You know how these discoveries are. They always set them closer than the time they actually happened."

"Right," agreed Major.

Ferret shifted uneasily in his chair. He was glancing toward the little hallway that led to the outer door. Butcher noted his action.

"What's the matter, Ferret?" he asked.

"Thought I saw something," said the stoop-shouldered man. "It looked like a gleam, there in the little hall."

"Too much bill counting," declared Butcher seriously. "I've gone goggle-eyed this past week. Guess it's getting Ferret, too."

Ferret was moving back into his chair. He was grinning at Butchers remark. It made light of his alarm.

"All right," said Judge quietly. "Settle down now and listen. Things look normal. So we will start the carry on Saturday night. Handle the bulk then — maybe some on Sunday. The rest can wait a week."

"In case it's needed in the meantime," observed Major.

"Yes," continued Judge, with a nod. "Deacon is ready. He has been using the hearse nights, disposing of those old coffins he put up for sale. He has sold only a few of them — it is a wonder he has managed to do that, with the high prices he is asking."

"Yes," observed Major. "It's odd how a little detail like that can make trouble. I was talking to Deacon about it the other night. He had to dodge a couple of customers. I think he has about half a dozen left, not counting those he sold to Bronlon — which he hasn't delivered yet."

"Baron Bronlon," declared Judge, with a slight smile, "thinks of the welfare of his subjects — even to the point of buying coffins at a bargain price, so that they can get them at cost when they die. He certainly rules this part of the country!"

"Which suits us perfectly," said Major.

"Now that is settled," resumed Judge, with the air of a chairman at a meeting. "Are there any other matters?"

"Yes," said Butcher. "Look at this. Came out in the final edition tonight. I hope it doesn't get in the morning newspapers."

He picked up a newspaper from a table in the corner, and pointed out an item near the bottom of the first page.

"Hm-m-m," said Major. "The girl's trying to make trouble." He took the newspaper from Butcher's hands, folded it carefully, and pointed to the heading:

Fiancé Innocent, Miss Delmar Claims

"Read it," suggested Judge.

Major read:

"Declaring that Hubert Salisbury, held for the murder of H. J. Wellington, is innocent of any crime, Martha Delmar has announced that she will fight against his conviction to the finish. The girl, now living alone in the home where her father died, stated her intention this afternoon.

"'The evidence against Hubert is circumstantial,' said Miss Delmar. 'The police have made no effort to get at the truth of the killing. If they would look for further clues, they might find proof that Hubert is innocent.'

"Miss Delmar added that she cannot explain her father's suicide. She declared that she was present while he was writing the note found on his desk, beside his dead body. At that time, he appeared to be tired but not morose, according to Miss Delmar.

"In addition to these statements, Miss Delmar claimed that the police had refused to let her call in the aid of outside investigators in connection with the Wellington murder. She appeared to be indignant over the matter."

"'I intend to press an investigation,' was her final statement. 'I want to uncover the real murderer. I have addressed an appeal to The Shadow, hoping that he will aid me in this work, but have been unable to learn where he can he reached.'"

"The Shadow?" questioned Butcher. "Who is he?"

"Some fellow supposed to be in New York," replied Major, with a short laugh. "They say he knows all about the gangsters, and fights them with their own methods. The girl is crazy, that's all. She'd better wait until Christmas, and send a letter to Santa Claus."

Ferret and Butcher joined in the laugh. Judge, however, seemed serious.

"It's no laughing matter," he asserted. "The girl offers no evidence, but she is on the right track. Don't forget that! We must not belittle anything that may mean danger."

"But this talk about The Shadow—" protested Major.

"It may be fact," said Judge seriously. "I am not surprised that you three have not heard of The Shadow. But I have! He has created quite a stir within the past few years, while you were away.

"He operates chiefly in New York; but his name was suggested in connection with a big clean-up that took place in Chicago. Middletown is a long way from New York, however. I don't think we have much to worry about here—"

He suddenly thought of his meeting with Deacon in the lobby. Reaching in his pocket, Judge extracted a folded sheet of paper. The others watched him as he opened and read it.

"Deacon slipped this to me," announced Judge. "Look at it." He handed the paper to Major, who held it so that Butcher and Ferret could also peruse the writing.

"Watch out for a man named Henry Arnaud," were the words. "He is staying at the Darthmore. Looks suspicious. Have seen him twice, and found out his name tonight." Ferret was so intent in scanning the message from Deacon, that he forgot all about the darkened hallway by the door. He had been looking in that direction every few minutes. Had he glanced there now, he would have seen the door open slowly, and then close again. But the action was silent, and passed unnoticed.

"What will we do about it?" asked Butcher.

"Well," said Judge. "I'll leave that to Major. You three are going out shortly. Call the hotel from a pay station, Major. Ask for the number of Henry Arnaud's room. Get that for a start."

"Right," said Major. "I'll start along in a few minutes."

"This is more tangible than The Shadow," declared Judge. "Deacon is shrewd. He sees much, but says little. He is handicapped at present. It would be unwise for him to check on this man, Arnaud, and he knows it."

Twenty minutes later, Major stopped in a drug store near the hotel, and called the Darthmore. He smiled as he heard the clerk's reply. A minute later, Major met Ferret and Butcher, outside the store.

"We can forget that fellow, Arnaud," he said. "He checked out nearly half an hour ago. Leaving town on the bus to catch the Eastern Limited. He had his ticket with him — the clerk said he might be reached in Cleveland. That's where he's going."

The three men parted. Each had the same thought. Deacon and Judge, shrewd though they might be, were over-apprehensive. Deacon was worried about Henry Arnaud. Judge was concerned about The Shadow.

Why worry? Arnaud had gone from Middletown. The Shadow had not come to the city.

Thus reasoned the three.

They were wrong. Little did they suspect that Henry Arnaud and The Shadow were one person — who was in Middletown that night!

Henry Arnaud had gone, because The Shadow had heard!

Chapter XIII — The Shadow Speaks

It was midnight. Martha Delmar was alone in her boudoir. Reclining in an easy-chair, she was trying to read a book. The effort proved unsuccessful. She laid the book aside, and her eyes wandered to the table, where two framed pictures stood.