Macklin shook his head. “I know what that guy can do. There ain’t enough money in it. Don’t talk price. I won’t listen.”

“I might mention,” resumed Doctor Palermo, “that The Shadow is concerned with the past as well as the future. He is particularly anxious to reveal my former activities, and those of any who have been associated with me.

“It is not a question of money, Macklin. It is a matter of self-protection for me — and for you.”

The last phrase was emphatic. “Gunner” Macklin turned pale and swayed slightly in his chair. He rubbed his forehead and found cold perspiration there.

“FURTHERMORE,” the physician continued, in purring tones, “The Shadow has no reason to believe that I will cease my activities on his account. He is watching for our next move — our move, Macklin, not mine alone.

“If we fail to move, he will force the issue. We are menaced, and I may state positively that you are the one who faces the first danger. If you decide to abandon me, you will place yourself in a hopeless position.”

Gunner Macklin mopped his brow with a huge silk handkerchief. He was convinced that Doctor Palermo spoke the truth. His face became piteous as he gasped and looked toward the physician.

“I see that you understand now,” said Palermo. “Therefore I shall tell you how to act. Have you a good safecracker you can trust?”

“Yeah. Louie Seligman. He’s been layin’ low. The cops don’t know he’s in town.”

“Good. Tonight, send him to the home of Raymond Hoetzel. The address is on this paper.