"The Shadow!"

The cry came from Savette's lips. It was echoed by Tremont's weak gasp. The answer was a sinister, whispered laugh from lips that the cloak collar covered. The laugh of The Shadow!

The laugh of a man whom Tremont and Savette believed dead!

Neither villain dared move. Fiends that they were, they trembled. Sharrock stood dumfounded at the sight of this strange avenger.

Again, The Shadow laughed. He had caught his archenemies by a well-timed ruse. The dread avenger was here, to settle scores, in the very lair of his foe. With guarding mobsmen outside, protected by the walls of a veritable fortress, the fiends were helpless.

The Shadow's laugh was the sardonic mirth of vengeance. It was a laugh that boded death!

Chapter XXI–Cliff Finds a Chance

"I'll speak! I'll speak!"

The words were gasped by foam-flecked lips. Cliff Marsland, in the agony of exquisite torture, was calling pleadingly to Ivan Orlinov.

"You will tell all?"