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Lenfell nodded. Then:

"At any rate," he said, "I gave Walder gems that passed as the sapphires and made him the target for crime and death."

"Through no blame of yours," argued Garmath. "According to those newspapers" - he waved a long hand toward the desk - "the murderers were after Walder's own jewels, not your sapphires. The police have not even pushed the case far enough to seek the owner of the former Star of Delhi."

GARMATH'S reassurance restored Lenfell's composure. Catching the contagion of the old man's grin, Lenfell rose from his desk and turned to the safe. It was already unlocked; he opened the door and brought out two jewel cases - a long one, and a square one. He placed them on the desk and opened them.

Set in a row within the long case were the six sapphires that had been exhibited at Walder's. From the square box gleamed the famous Star of Delhi, as large and as radiant as when Walder had first viewed it.

So like the great gem were the smaller ones, that the eye could almost identify them as one and the same.

"A marvelous job, Garmath," commended Lenfell. "I doubt that any cutter, even Sherbrock, could have produced as fine a resemblance as you have with these synthetics. They will please my friends when they arrive."

Sounds from somewhere in the hall below caused Lenfell to remember that his friends were almost due.

Hurriedly, he closed the case that contained the great Star and replaced it in the safe, spinning the combination dial.

Then, taking the longer case with its six rings, he stepped out into the hallway, closing the door behind him. He was going to the library, to meet the first of his hooded associates.

Immediately, Jan Garmath rose from his chair and approached the door. Opening it a crack, he listened, caught the sound of voices. Then, with his creepy stride, Garmath moved toward the library, but no longer were his footfalls audible. Silent in his creep, Garmath had become a most insidious figure.

Peering between the edge of the library doorway and a curtain, Garmath observed Lenfell and a hooded arrival. Not having considered it necessary to mask on this occasion, Lenfell expected his lone friend to raise his hood, which the other man did.

The two were talking as man to man, Lenfell expressing regrets over Walder's death and bolstering them with the very arguments that Garmath had provided. Garmath saw the unhooded visitor nod his sympathetic understanding; then, when Lenfell opened the jewel case, the man took one of the rings.

That visitor was hooded and on the way out, as other footsteps came up the stairs. Squeezing his frail form deep in the doorway, Garmath waited. He saw another of the hoods enter and unmask to chat with Lenfell. New footsteps were approaching, when the second man took his sapphire ring and departed.

The same process took place with the third; and after a brief wait, Lenfell received a fourth of the hooded group. Having seen all their faces and observed the transfer of the rings, Garmath waited patiently for the fifth man to arrive.

After several minutes, Lenfell became restless. Sensing that the financier might return to the study, Garmath sidled in that direction himself, again making his creak noiseless.

Garmath was seated in his chair, apparently half asleep, when Lenfell arrived bearing the jewel case with two rings left in it. He removed one and slipped it on a finger of his left hand, grinning toward Garmath, who chuckled. Then, surveying the last ring with a frown, Lenfell remarked:

"I wonder why he hasn't come. I know that he was out of town, but he promised to return this evening. I suppose that it can wait -"

Pausing, Lenfell decided otherwise. He took an envelope from his desk, wrote an address on it, and placed the ring inside. Then the thought of sending even a false sapphire by messenger troubled Lenfell.

He was shaking his head, when the doorbell rang. Pocketing the envelope, Lenfell gestured for Garmath to remain where he was.

Garmath did. But as soon as Lenfell went downstairs, the white-haired man stretched a long hand to the desk and picked up the blotter that Lenfell had applied to the envelope. The address was plainly legible in reverse, and Garmath read it without the aid of a mirror. The blotter was back on the table when Lenfell returned.

"It was his servant," he said, referring to the last man of the hooded six. "He said his master will not arrive home until midnight, so he called by long distance, telling the servant to come here. I gave the envelope to the servant."

TURNING to the safe, Lenfell unlocked it; from a cash box, he brought out a sheaf of crisp bills and counted off a stack of large denominations, to the total of six thousand dollars.

"Your fee, Garmath," said Lenfell. "Ten times the value of the rings you made for me, but well worth it.

Those imitation sapphires had to stand the test of expert scrutiny, though I saw to it that they could not be handled, thanks to the sealed case in which I delivered them to Walder."

Showing Garmath to the stairs, Lenfell was conscious of the creaky stride that old Jan no longer sought to keep unheard. He was still listening for those creeps as he returned to the study, and Lenfell was at last satisfied that they had dwindled clear to the front door. After a few moments of silence, Lenfell stepped into the study.

He thumbed the remaining bills in the cash box, counting out a batch which he had promised Garmath as a bonus after a certain transaction was completed. Then, as he replaced the cash box in the safe, Lenfell stared mistrustfully at the square case which contained the Star of Delhi.

He opened the case hastily, saw that it still held the great sapphire. Closing the safe and locking it, Lenfell picked up the telephone.

Outside Lenfell's door, a man was listening at the crack. The man was Garmath; he had returned, in his silent fashion, by another stairway. Garmath caught Lenfell's tone:

"Yes, yes. I still have the sapphire, the original Star of Delhi... The exhibit at Walder's? That was merely for our mutual protection... Yes, poor Walder supplied imitations himself, to help create the impression that the Star of Delhi no longer exists -

"Yes, it was wise, considering those recent robberies... Yes, the fact that crooks sought the smaller gems proves how they would have coveted the Star... Next Monday? Certainly, I can see you then, Crome -"

As Lenfell's receiver clicked upon the hook, Garmath moved away. By overhearing that telephone call, he had learned what he wanted. Descending the front stairs again, this time in absolute silence, Garmath crept out through the big door and went away from the gloomy mansion.

Quickening his creep into a lengthy stride, Garmath covered a few blocks before stopping in a drugstore to make a telephone call of his own. Even in a phone booth, Garmath was cautious, something that Dwig Brencott hadn't been at the Club Cadiz the night The Shadow overheard him.

Oddly enough, the voice that Garmath heard from the receiver was Dwig's. Placing his thin lips close to the mouthpiece, Garmath spoke in a voice much firmer than the rattly wheeze that he had used before.

Garmath's words were terse. He said:

"Take care of Sherbrock."

CHAPTER VI. THE WRONG FOEMEN

OUT of a rather tiresome evening at the Cobalt Club, Lamont Cranston had at least gleaned one point of information through his friendship with Commissioner Weston. In sifting the Walder murder anew, Weston had called in various jewelers, and the question of the six sapphires had been raised.

None knew who the owner of the gems could be, nor did they consider the matter relative to Walder's death since the exhibited gems were gone when robbery began. They felt that the owner of the sapphires might find himself in a spot like Walder, should his name be learned and made public.