After the letters T — H - E — A appeared the letters T — E - R. The message was complete. Stephen Laird’s misinterpreted statement had been understood.

“In box C. Theater.”

The only remaining tabulation was the bottom one.

GREEN EYES.

The Shadow had capitalized these words.

Were they a name?

The light went out above the desk. Its click signified that The Shadow’s task had been completed. But nothing had been written to explain that last notation!

A FORM was moving silently in the darkened room. It stood, lost in blackness, beside the open window. It was from this spot that the similarity between Room 806 in the Aldebaran Hotel, and Room 1216 in the St. Thomas became apparent.

From this window, an observer commanded the same view of the city that one gained from the window in the Aldebaran Hotel. The Shadow, now, was gazing straight toward Chinatown, exactly as he had gazed on the night when he had come to San Francisco!

In the distance, the watcher saw the crawling lights of the sign that topped the Mukden Theater. The luminous ring of stationary lights was aglow above the moving lines. From the center of that circle glowed two green spots, side by side.