Arline uttered an exclamation of delight as she saw a headline over Cliff’s shoulder. She pointed to it.

The great theatrical merger had been arranged! It had been financed through the efforts of Lamont Cranston. He had not been interviewed. The newspaper stated that he had left New York for a trip abroad.

Cliff smiled. Behind the headlines he could read facts that were not set forth in print.

He knew — even though the Sphere did not — how the rackets had been ended. Yet he did not know all.

One thing Cliff wondered about: Did a mysterious, black-cloaked figure move eerily through the night, half a world away? A figure, which, perhaps, was again taking up the battle against lawlessness?

For only that one man was able to pick up the trail of powerful, sinister forces which might be even then at work, and that man was The Shadow!

THE END