"Luther Ralgood had a ribbon," announced the personage who pa.s.sed as Lamont Cranston, "and the killer stole it. The next on the list was James Shurrick. He was slain; the killer guessed his locket contained his bit of ribbon. Two of three portions are in the hands of a criminal. Four letters of six have been gained by him. Letters that will form the key word to the finding of Milton Callard's wealth."

Again, The Shadow's statement found agreement. To Weston, the summary was impressive. It fitted with Lamont Cranston's former declaration that the murderer might have sought the contents of Shurrick's locket; not the cameo ornament itself.

"The theft of the locket," added The Shadow, "fits well with the chain of crime. It confused the issue; it produced a search for an article that was not required. The locket was something that the murderer could well have thrown away.

"What he actually kept was a ribbon. Had it been discovered on his person, it would not have been considered a belonging of James Shurrick's. Bear that point in mind, commissioner. It leads us -"

THE SHADOW paused. Eyes had turned toward the door, where a fist was pounding from the other side. Cardona thrust one hand in his pocket; then opened the door. He admitted Roger Mallikan. The shipping man was flanked by two stocky plain-clothes men, his bodyguards.

Weston beckoned Mallikan to the table while Cardona was closing the door. He pa.s.sed the ribbon to Mallikan and started to make comment. Mallikan interrupted.

"Inspector Cardona told me about this," he stated. "He mentioned the letters on the ribbon when he called my office. I have been thinking about it all the way here. He explained about the message, also. I can not understand it.

"I did not know Milton Callard. The letters R and X mean nothing to me. I see now that they must be part of a word. I suppose that would mean six letters altogether. Perhaps if I were shown the three ribbons at one time, as Milton Callard evidently intended, I might be able to form a word that I would recognize. But R and X alone - I must confess that I am stumped."

"This is Justin Hungerfeld," stated Weston, introducing Mallikan to Milton Callard's friend. "Have you ever met him before? Have you ever heard of him?"

"I have not," declared Mallikan. "Not until today. What was your business, Mr. Hungerfeld?"

"Copper mining," replied the old man, with a cracked chuckle. "In the West."

"Not in my line," smiled Mallikan. "Let us concentrate on the ribbon," decided Weston. "It is important. Remember, gentlemen, these two letters are all that are needed to fill a word that may be of vital importance. David Callard has already gained four of the letters. He needs these only, to reap wealth from his murders. Come, Mallikan. Can't you a.s.sist us?"

"I am afraid not," replied the shipping man, with a shake of his square-jawed head. "Any guess would be as good as mine, commissioner. What is more, I have been under a tremendous nerve strain. I have felt, commissioner, that I should take a trip somewhere."

"At this time. Mallikan? While we are searching for David Callard?"

"Only to Bermuda. I arranged pa.s.sage there under another name. This very morning. I should like to sail this afternoon."

"How soon does the boat leave?"

"In a few hours. I am packed; my luggage is waiting to go aboard. If your men, commissioner" - Mallikan indicated the detectives - "will accompany me to the pier, I shall not require them after that."

WESTON pondered.

"Very well," he decided. "Bermuda is not far away. If we trap young Callard, we can notify you, Mallikan, so that you can return promptly to identify him."

"Agreed, commissioner. But about this ribbon" - Mallikan shook his head - "I can tell you nothing. I am not good at riddles; and this is certainly one. My opinion is that Milton Callard merely wanted a meeting place for his friends; that he chose my office because he knew that I am a fixture there."

While this discussion was continuing, The Shadow had been making notations upon a slip of paper.

Although he had heard all that was said, he had concentrated also upon his task. He had marked letters; then had eliminated them. Finishing, he had folded the slip of paper and placed it in his pocket.

There was another rap at the door. Cardona opened it to admit a new pair of plain-clothes men. These were the two who had been detailed to guard Courtney Dolver's Long Island home.

"Where is Dolver?" queried Weston.

"He went up to the hunting lodge," replied Cardona. "I told him to send in the two men. That's outside of our jurisdiction. He can get deputies up there."

"Those servants of his have gone with him," explained one of the plainclothes men. "We convoyed them through. n.o.body was tailing Dolver's car."

"Very good," decided Weston. "Dolver will be well protected at his lodge. We do not need him in this matter. Of course, you mentioned the details to him, did you not, Cardona?"

"Yes," replied the detective. "Over the telephone. I told him about the ribbon. I guess this R X business has got him scratching his head, too."

"It may take a long while to decipher it," commented Weston. "Our only course is to keep the ribbon in a safe place. To allow no one to learn of those important letters. We are at a disadvantage; we hold but two letters of the six. Our enemy holds four. Perhaps he has already learned the vital word."

The Shadow had come to his feet while Weston was speaking. His disguised face was masklike asbefore; the gleam of his eyes showed, however, that he was rising to action. The long fingers of his right hand were dipped into the pocket of his vest, clipping the paper that he had folded and thrust there.

"This ribbon," Weston was adding, as he held the tiny square of blue, "is valuable, yet meaningless by itself. Perhaps some cryptogram expert might guess the connection of its two letters. Possibly we may have to refer it to some competent lexicographer. But so long as it is guarded, there is no need for hurry in its translation. A few days will not matter."

"I DISAGREE, commissioner." The objection came from The Shadow. All eyes turned as ears heard the quiet emphasis of Lamont Cranston's tones. "This riddle is not unsolvable. Nor is it wise to delay its translation."

"What need is there for hurry?" retorted Weston. "If David Callard has already gained four of the letters, he may have guessed the other two. In that case, we are too late to stop him. Delay will not matter.

"If he has not guessed the missing letters, we hold him helpless. Therefore, we may play a waiting game.

Your comments are valueless, Cranston. Delay is not an unwise procedure."

"You have forgotten one point, commissioner," returned The Shadow, calmly. "Mr. Mallikan is leaving for Bermuda within the next few hours. It would be advisable to have him present when the riddle of this ribbon is solved."

"Why so?"

"Because he may be able to give us some information after we have gained the solution. That may be the reason why Milton Callard arranged for the meeting of his friends to be held in Mallikan's office."

Weston had risen from his chair and was standing away from the table. He looked toward Mallikan, who had stepped toward the door, accompanied by his two bodyguards. The shipping man shook his head.

"I am totally perplexed," insisted Mallikan. "Those letters R X furnish me no food for thought. I do not see how I can be of aid."

The Shadow seated himself in the chair behind the table. He drew his fingers from his vest pocket; they did not bring the folded bit of paper with them. Instead, The Shadow reached for the blue ribbon, which Weston had just replaced upon the table.

"Perhaps, Mr. Mallikan," suggested The Shadow, in an easy tone, "you can bear with us for a short while longer. I shall a.s.sure you that it will be to your advantage, so far as your Bermuda trip is concerned."

"But if I miss the boat," exclaimed Mallikan, "I shall have to engage other pa.s.sage -"

"You will not miss the boat. Fifteen minutes is all that I require. In that time, I may produce results that will make it unnecessary for you to testify further concerning David Callard. Which means, Mr. Mallikan, that you will not be summoned back from your Bermuda trip."

"Very well," consented Mallikan, his tone slightly-nervous. "I am willing to remain here for fifteen minutes.

But I doubt, sir, that I shall be of any use."

A FIXED smile showed on The Shadow's thin lips. Weston, noting the face of Cranston, recalled that he had seen such an expression in the past. Joe Cardona, staring from the door, felt a sudden hunch that something was about to develop.

Cardona's hunch was right. Indeed, The Shadow had already guessed the riddle of that tantalizing ribbon.He had learned information which he had first intended to keep to himself; to investigate in his own way.

Like Weston, The Shadow had actually felt that delay did not matter.

Something, however, had changed The Shadow's plan. Words had been spoken which had told him that speed was necessary. That was why The Shadow had insisted that Roger Mallikan stay. He had reason to believe that the shipping man could furnish facts at the proper time. The Shadow was determined to press the quest without delay.

CHAPTER XVI. THE VITAL SECRET.

"To gain the answer to our problem," began The Shadow, "we must consider more than the mere letters which appear upon this ribbon. We must take into consequence the factors that inspired Milton Callard to write urgent messages to three trusted friends."

Silence followed The Shadow's quiet statement. The listeners were tense as they awaited new development.

"We may safely a.s.sume," resumed The Shadow, "that Milton Callard had placed his wealth in some hiding place. The key to that strong box lay in a single word: one that he feared to trust to any single individual.

"So Milton Callard clipped a ribbon into three pieces. We hold one portion" - The Shadow lifted the blue silk square - "and its letters R X have led us to believe that the other portions bear two letters each.

"Of all the words in the English language, there cannot be many that contain those two letters together.

Still, the tracing of the proper word would be a difficult task, unless we found some way to limit it. I have discovered such a way. Through studying the very nature of this bit of ribbon."

Listeners shifted. Commissioner Weston stepped forward. The Shadow, though leisurely in tone, was becoming impressive. His words were the forerunners of important findings. All present sensed that fact.

"Had the vital word been an ordinary one," declared The Shadow, "Milton Callard would have written it upon a strip of paper. He might have used white ribbon and printed the letters roughly with a pen.

Instead, he used a blue ribbon, on which were letters stamped in gold.

"Full letters, on a faded ribbon. Proof conclusive that Milton Callard did not prepare the ribbon specially.

Instead, he used a ribbon that chanced to be available. One that had previously served a definite purpose."

Commissioner Weston was on the verge of speaking. Mallikan was staring at The Shadow; the shipping man's lips were set; his eyes showed a glimmer that might have been partial understanding. As Weston stopped; as Mallikan eased back in his chair, The Shadow spoke again.

"Such a ribbon," he affirmed, "would be found in one place only. Particularly when we note that its faded color and dull-gold letters have a weather-beaten look. This bit of ribbon, gentlemen, was cut from the blue, gold-lettered band that once encircled a sailor's hat."

AN e.j.a.c.u.l.a.t.i.o.n came from Weston, as the commissioner thrust his hand forward to pick up the ribbon from the table. The Shadow had dropped the blue silk there. He was reaching for pencil and paper while he stared toward Mallikan. The shipping man was nodding; he could not have done otherwise.

"The key word," a.s.serted The Shadow, "is the name of a ship. That, alone, gives us an important lead. It tells us that we may be dealing with a proper name: that of some place or some person. Names are ourfirst choice; in considering them, let us first put down the letters that we have."

Upon the sheet of paper, The Shadow inscribed the letters R X. He showed them to Weston, who was now close by the table. The commissioner nodded.

"R, X," said The Shadow, slowly. "Those letters cannot mark the beginning of a word. They might be the last two letters of a six-letter name. It is more likely, however, that they are two central letters.

"R and X must be preceded by a vowel. That limits us to a few letters: A, E, I, O, U - possibly Y. I have been going through the alphabet mentally, fitting consonants in front of those vowels; adding the letters R and X."

"Like B, A, R, X?" inquired Weston. "B, E, R, X, and so on?"

"Exactly," replied The Shadow, "and I have worked the process rapidly. Knowing that the name might be an odd one, yet quickly recognizable, I was swift in my process. As a result, I struck suddenly upon the word itself."

To the left of the letters R X, The Shadow printed the letters X E. He pointed to the paper; Weston read the letters aloud.

"X, E, R, X," repeated the commissioner. "X, E, R, X - it sounds like 'zerx,' as nearly as I can p.r.o.nounce it"

"The name of a place," prompted The Shadow, "or a name of a person - probably a famous one"

"Xerxes!" exclaimed Weston. "That is the name! The famous king of ancient Persia. Xerxes!"

WITH a calm nod, The Shadow inscribed the letters E S at the end of the line. He stretched forward and pa.s.sed the paper to Mallikan. The shipping man stared at the larger-lettered name: XERXES.

"Perhaps," suggested The Shadow, "you can tell us something regarding a ship named the Xerxes?"

"I can," declared Mallikan, with a solemn nod. "I must admit, Mr. Cranston, that I see the answer at last.

You must believe me, commissioner, when I tell you that this possible connection never occurred to me until Mr. Cranston developed it.

"I understand why Milton Callard ordered the meeting in my office. Had three bits of ribbon been laid on my desk, I would have arranged them in different order until they formed a word. Then I could have told what I knew about the Steamship Xerxes."

"You have heard of the boat?" queried Weston, eagerly.

"Yes," replied Mallikan. "Anyone closely concerned with the India and China trade might have heard of the Xerxes."

"You have traveled to the Orient, Cranston," said Weston, turning to The Shadow. "Do you know of the Xerxes?"

"No," replied The Shadow, calmly. "That was why I felt that Mr. Mallikan might prove indispensable.

Otherwise we should have been forced to wade through shipping records."

"What about David Callard?" demanded Weston of Mallikan. "Would he know of the ship?" "Probably, if he heard the name," returned Mallikan. "The Xerxes was a very old freighter that plied over various routes. Its last scheduled runs were between Calcutta and Hong Kong. The latter city is close to Canton, where Dave Callard was located.

"Some of the shipments on the Xerxes were sent to the interior when the boat unloaded at Hong Kong.

Other goods were reshipped across the Pacific, through the Panama Ca.n.a.l to New York. Our company, the Indo-China Shipping Bureau, held a half interest in a fleet of freighters. The Xerxes belonged to a subsidiary company."

"And the Xerxes is still in service?"

"No. A year ago, the fleet was broken up. The Xerxes became a tramp steamer, under command and ownership of its captain, William Jund. The old tub arrived here in New York and I understand that Jund tried to sell it. Apparently, he failed to do so."

"Then where is the ship now?"

"Up the Hudson, near Poughkeepsie. Moored with a group of other forgotten vessels. Rusting away, totally neglected, unless Jund is still living aboard. Even with that, the ship would be going to absolute ruin. It has joined the ghost fleet."

"The ghost fleet!"

"Yes. Vessels that have gone out of service. Ships that will never sail again, despite the hopes of their owners. The remnants of a once active merchant marine. Boats that could not survive a losing trade, but which have been kept intact in the slim hope that they may eventually be good for more than junk."

MALLIKAN paused. Cardona was nodding wisely to indicate that he knew about the ghost fleet that the shipping man had mentioned. Weston also seemed to recall those old ships that were banked far up the Hudson River. It was The Shadow, however, who spoke.

"Suppose, Mallikan," he said, quietly, "that today might be December fifth. That Ralgood and Shurrick were present with Hungerfeld; that this room represented your office. What would you tell them to do, once you had placed the three bits of ribbon together, to learn the name Xerxes?"

"That is easily answered," replied Mallikan. "I would say to go up the Hudson some day. Take a look for the Xerxes; find out who is aboard the ship. If we should find Captain Jund, we could tell him why we came."