“Parker Noyes still at Waddell’s.”

There was no reply for a full minute. Then, the low voice of The Shadow sounded as he gave new orders to his trusted agent, Burbank.

“Marsland to watch Tholbin,” said The Shadow. “Vincent to watch Froman’s home. Until morning.”

The conversation ended. The hands of The Shadow rested motionless upon the table. At length, they moved, while the fingers slowly piled the sheets of paper.

The check-up had ended in a blank. The riddle was unsolved!

The Shadow was confronted with a perplexing problem. One man was missing. Marcus Holtmann, after leaving Waddell’s home in a taxicab, had effected a strange disappearance.

The light clicked off. The room was in total darkness. A low, tense laugh echoed through the gloom.

Then, The Shadow was gone.

Half an hour later, the desk clerk at the Belmar Hotel answered the telephone. In response to the quiet voice across the wire he gave this answer:

“Mr. Holtmann has not come in, sir… No, he has not checked out.”