Joe Cardona said nothing. His statement of yesterday was vindicated. The hand of death had failed to strike tonight. Luck or no luck, he had been right.

But he knew that it was not luck that had saved Arthur Wilhelm. Some one had frustrated the scheme of the perpetrator of these murders.

That some one was The Shadow. The mysterious, unknown man of the night had been true to his word.

His eyes half closed in thought, Cardona saw a blank before him. Upon that blank were inscribed the words that had disappeared — words that were gone forever now. Words that Cardona would never forget.

Annulled. By The Shadow.

The Shadow had proven mightier than the hand of unseen death!

CHAPTER XX

THE SHOT THAT TOLD

THE tide had turned. In the brief space of a few thrill-packed minutes, Joe Cardona and his fellow investigators had reached solid ground.

The news from Arthur Wilhelm’s home told that death had failed. The intercepted note announced that the frustrated killing was to be the last.