Eyes in the dark surveyed the chart, as a general would plan his campaign.

The right hand became busy. On a sheet of paper it wrote the names of the places indicated by the pins. Beside the word “white,” it inscribed the name “Betty Mandell.” After the word “black,” it wrote “Robert Galvin,”

These names were self-explanatory. The first meant the refuge where Betty Mandell was now abiding. The second was intended for the place where Bob Galvin might be a captive. Only, the black pin had no location.

Thus The Shadow visualized the scene of operations and provided for the objective which lay before him.

Hiram Mallory would have smiled, had he seen that map. For it bore out his belief — that The Shadow knew the real Bob Galvin was missing.

The hand crumpled the sheet of paper, but left the pins in position. Now it drew forth another paper and placed it on the table.

This was a waiter’s slip from the Cobalt Club. Upon it were inscribed the cryptic characters of the peculiar message left by Theodore Galvin. A slender finger rested upon the pin that indicated the old mansion. A slight chuckle came from the darkness.

The Shadow had divined one fact: namely, that this same peculiar code had been sought in the old house, or had been found there.

AN ENVELOPE was brought beneath the lamp. It bore a Paraguayan stamp, and was postmarked Asuncion.

The fingers drew a letter from the envelope. They spread the paper, and written lines were in view. These lines were in code, with spaces between them. The right hand took a pen and wrote the translation: