The dim glow from the street lights below was not sufficient to reveal his form. Henry Arnaud was invisible in the darkness; and, singularly enough, there was no audible token of his presence except a faint swish that lasted for only a few seconds.

The door of the room opened noiselessly. The light from the hall was blotted out. Then the door closed. Blackness alone remained. Henry Arnaud had become The Shadow.

On the fourth floor, Judge had entered a room alone. But he had scarcely closed the door before other men appeared to join him.

Major, Butcher, and Ferret had been waiting there. They began a low and eager discussion. There was no chance of being overheard, for this room was the center of a suite, and Judge had entered it through a short inner hall.

"Great work, Judge!" congratulated Major. "Great work! You pulled it over swell!"

"I knew I would get them from the start," responded Judge. "I saw the way you fellows were taking it. How did you like that handshake with Bronlon at the finish?"

"A knock-out," said Ferret.

"The best part, Judge," said Butcher, "was the way you worded it about Bronlon and his bank drafts. If you should be questioned about that, you can go back to your statement. Bronlon offered to put in the money — that's all you said."

"Of course," declared Judge. "You know, this bonus proposition has been the one thing we've had to worry about. The state examiner has been letting us alone because we were doing so well.

"He was there tonight — I talked with him afterward — and he took the bait better than any of them. He left town after the banquet. Convinced and satisfied."