David Tholbin Parker Noyes Frederick Froman

With one of these three might rest a key to the mystery of Holtmann’s disappearance. These men could be involved, even though their actions at Waddell’s had been unsuspicious.

From the data which pertained to Holtmann, The Shadow selected a sheet which included a report of the man’s activities since his arrival in New York.

According to the observations of The Shadow’s agents, Marcus Holtmann had held no significant communication with any one since his return from Russia.

Tonight’s function had been his last opportunity. David Tholbin had left shortly after Holtmann. Parker Noyes had remained at Waddell’s. Frederick Froman had been taken to his home by Lamont Cranston.

Of the three, only Tholbin seemed free.

The light flickered from across the table. The earphones were ready. Burbank’s report came in its methodical tone.

“Marsland reports David Tholbin at Club Drury, with party of friends. Check on time indicates he came there directly from Waddell’s.

“Vincent reports short watch at Frederick Froman’s house. Light in front room upstairs. Extinguished now. House dark. No one has entered or left.”

A pause; then Burbank added: