The masked man inclined his head in a short, quick bow. Still The Shadow was silent and unmoving, both his hands raised, slightly forward.

“A key is needed,” said the Red Envoy. “Where is it?” Receiving no reply, he added:

“Come. You would not have it said that The Shadow failed in his last experiment in master detection, would you?

“You have done half the work; finish the rest. For this” — the harsh voice spoke slowly and emphatically — “this is the last work you will ever do.”

The figure in the black cloak maintained its fixed position. It seemed to sway slightly, and the Red Envoy moved closer. His eyes were watching from beneath the crimson mask.

He knew that The Shadow was noted for his ability to dodge away from gunfire. But the range was short, now; there could be no escape.

“Ah!” The Red Envoy’s tone was one of triumph. “I see I have underestimated your ability. The professor’s watch is on the table. You placed it there. You have not yet opened it. Very well, I shall do that later.

“I know where the key is, now: between the back of the watch and an inner surface! Excellent. That enables me to do my work more quickly. A thin, flat key, within the watch.”

The Red Envoy was now gazing directly at The Shadow. He spoke again, and there was a note of finality in his voice.

“I do not know your purpose,” he said, “but it conflicts with mine. Therefore I intend to kill you. After I do so, I may take the trouble to learn who you are. But I may mention that I already have a very good idea of your identity.