“A wonderful investment, Wilberton, with you and your silent partner, Crowley, collecting through the racket, with interest rates on your money besides!”

The truth was dawning on Howard Griscom. His old strength returned. He looked accusingly at Stanley Wilberton.

“So you are responsible!” he exclaimed. “You were the cause of Ballantyne’s death! Now I see how you have gained your tremendous wealth — you — the greatest crook of them all—”

He could not utter further words. He was bursting with indignation. The Shadow stood silent, the accusing figure in this dramatic scene.

Stanley Wilberton laughed, and the evil of the man’s nature manifested itself as a thin, malicious smile crept over his features.

“You are right!” His voice came in a hiss. “Crowley and I were in back of it all. But only two men know the truth — and they shall never live to tell it!” He paused, then added sharply:

“Will they, Crowley?”

Curtains parted at the side of the room. There stood Crowley, the pretended secretary, the actual partner in crime of Stanley Wilberton!

He held an automatic in his hand. It swayed back and forth from The Shadow to Howard Griscom.

The Shadow did not move. It seemed incredible to Griscom that he had not come prepared for this. Could it be that the man in black had some plan that would frustrate Wilberton and Crowley?