“Some unknown person with a brain as keen as his own. But this super-racketeer is cunning. His plans for the theater racket were developing slowly.

“The man who is opposing him evidently thought” — the faintest trace of a smile flitted, unnoticed, across the speaker’s lips — “that the collapse of the dock racket would temporarily set back all the menacing schemes. But there, the czar of all rackets struck instead of being cautious.

“Ballantyne’s death was the result. His one plan, now, is to dominate the theaters. He is staking everything. You, instead of Ballantyne, are now his stumbling block!”

“I am proud of it!” declared Howard Griscom. “It may mean a great sacrifice — perhaps death. Nevertheless, I shall remain firm!”

“I admire your decision,” said Cranston. “I feel confident you will succeed. Wait, and keep up your courage.

“Before a few more days have passed, the racket may be doomed. Like the others, it is due to end suddenly — at the time when least expected.”

Howard Griscom seemed encouraged by the words. He raised himself from the desk and stood erect by the window, staring down into the street. The door opened and his daughter entered.

Arline was beautiful to-day. She bowed politely to Lamont Cranston; then walked forward to greet her father. With his arm on the girl’s shoulder, Howard Griscom walked into the outer office, while Arline spoke consolingly.

Alone, Cranston picked up the telephone and called a number. He said only one word: “Report.”

As he listened, Cranston’s eyes sparkled. Important news was coming to his ears. When he had finished the telephone call, he hung up the receiver and left the office.