Mann was thinking as he lounged about the club. He was puzzling over business matters, and his thoughts were not of investments. Instead, he was dwelling on the activities of Double Z, the strange crime master who had baffled the police.

All that day, after reading instructions in the envelope upon his desk, Rutledge Mann had spent his time in reviewing copies of daily newspapers, with their varied reports of recent murders.

Who killed Joel Caulkins? What mystery surrounded the death of Philip Farmington?

Another question perplexed Rutledge Mann. That was the connection of Judge Harvey Tolland with the Caulkins murder. For within the envelope left him by The Shadow, Mann had found a complete report of the data supplied by Clyde Burke.

In brief, Mann was now fully acquainted with every angle of the Double Z business, And he was totally baffled!

These thoughts brought a frown to Mann’s forehead. Then he laughed softly to himself. After all, he was no detective. Why had he been chosen to study this case? He had spent the entire day, considering the details in a methodical manner.

Hence he felt a clear conscience, so far as his duty to his mysterious employer was concerned. But he had added no constructive effort.

As on the preceding evening, clusters of club members were discussing the death of Philip Farmington.

The first wave of interest had passed; but such a matter would not soon be forgotten at the Cobalt Club, where the dead banker had been so active.

Mann unassumingly joined a group and listened to the conversation. He learned nothing that he did not already know.