The chubby insurance broker had many wealthy friends. Most important of them all was Lamont Cranston, a millionaire who owned a fine estate in New Jersey, twenty miles outside of New York.

Cranston was holding the party to-night. He had sent one of his cars — chauffeur included — to bring Fellows.

Cranston was a good friend to have. Fellows had known him back in the days when the insurance business had been less prosperous. The millionaire had always given him encouragement. The only trouble was that Cranston was so often away. Like other persons of wealth, he apparently went South in the winter and North in the summer. It was said that he often traveled to Europe.

At any rate, it was an event when the big house in New Jersey was open and guests were invited.

Fellows had always felt that Cranston might have helped him out of his financial trouble a few years ago.

But that had occurred when the millionaire was away. Fellows had pulled out of his predicament, thanks to The Shadow. That had been his first experience with his mysterious employer.

Fellows had performed his services faithfully and well. He no longer had worries. Checks came in regularly, even when his insurance business was slow. He had never been able to identify The Shadow; now he was no longer curious about the matter.

To-day he had sent in a most important report. Harry Vincent had come to his office and had told of an interview with Bruce Duncan. Not only had Fellows learned of Isaac Coffran's fiendish schemes and the secret of Bruce Duncan's uncle; he had listened to a well-thought-out theory that Vincent had evolved.

All these matters had gone in the morning report. The stenographer had taken the envelope to the dingy office on Twenty-third Street. A reply had been received. It was a simple one — instructions to Harry Vincent to wait with Bruce Duncan at the Metrolite Hotel until further notice.

Vincent had seemed a bit impatient. But Fellows had taken the whole affair very calmly, and his soothing advice had quieted the eager young man. It was evident that The Shadow intended to think matters over carefully. The situation was unquestionably a difficult one.