"I saw a spirit form near you tonight," he said. "I know that there is a message for you — a message that concerns you gravely. Have faith. Perhaps, at my next seance, I can prevail upon that spirit to speak.

"Rome was not built in a day. We must not hope to commune with the spirits too rapidly. But soon — I promise you — soon."

The mystic sat upright on his throne, and folded his arms. Those who understood, knew that he was preparing for his hour of contemplation when he sought the advice of his spirit guide. The little group moved away and went to the reception room. Imam Singh closed the door behind them. In the reception room, Maude Garwood was speaking in rapture to her nephew. The two were alone.

"Wasn't it wonderful, Dick?" she asked. "The message from Geoffrey — ah! Perhaps I may see him as that man saw his daughter — that was wonderful, Dick!"

"Yes," grunted Dick, still unconvinced. "Wonderful, the way he passed over fifty thousand dollars' worth of jewelry. This rajah is clever, Aunt Maude— very clever — but he is a faker!" Maude Garwood was protesting as they left the room. Dick Terry was not listening. His hand had gone to his coat pocket — and as they were riding downstairs in the elevator, Dick was wondering about an object that he had discovered there.

When they reached the lobby, Dick went out to find the limousine, which had been forced to park a distance away from the hotel. By the light of a street lamp, he brought the object from his pocket. It was a large gold watch. Dick placed it to his ear. The watch was not running. He stared at the dial, then tried to open the case. He could not budge it.

How had he obtained this timepiece? Dick could give no explanation. Unless it had materialized in his pocket, there was no way of explaining its presence there. Dick pocketed the watch in bewilderment. Then, to his ears, came the slight echo of a startling laugh. Strange, sinister tones that seemed to have no author. Dick glanced about him, startled. There was no one nearby.

The ripples of the laugh died away. The sound was more uncanny than the strange manifestations that had taken place in Rajah Brahman's seance room.

What was the meaning of that laugh? Had some one — a weird phantom of the night — seen him glancing at the mysterious watch? Were there really spooks, that came and went in the darkness?

Dick Terry was bewildered more than before. He felt that he was on the border of the unexplainable. He did not know that he had heard the laugh of The Shadow!