The laugh of The Shadow!

It told the identity of that strange fighter who had won his amazing conflict. The gangster who had just left — taking a helpless man with him — was The Shadow!

As much as Black Pete feared the wrath of Barney Gleason, he feared the very name of The Shadow more. Now, after the demonstration he had witnessed, Black Pete realized that a single word of betrayal on his part would spell his instant doom.

A half hour later, when Barney Gleason returned with some mobsmen, Black Pete maintained a discreet silence. He did not mention his belief that the unknown fighter was The Shadow. Barney Gleason had the same idea, but he said nothing to Black Pete. He intended to mention the fact to no one.

He smiled in a satisfied manner. He had done the work which Martin Slade required.

Dick Terry was dead, despite The Shadow. That was sufficient.

Thus had the hand of The Shadow thwarted the death of Dick Terry. At the same time, The Shadow had lulled Barney Gleason into the belief that Dick Terry had been slain!

Dick Terry was still among the living — but only The Shadow knew!

Chapter XVI — A Threat Is Met

Martin Slade walked with a slight swagger as he entered the lobby of the Callao Hotel. One week ago, Barney Gleason and his mob had done their efficient work of killing Dick Terry, although Barney remarked that the Texan had fought like a steer. During that week, Slade had lived an eventful life. He was no longer Martin Slade. He had assumed the identity of James Telford, and had been welcomed back by his overjoyed father.