“Holy mackerel!” he muttered. Then he sat silent for a time, wriggling his ample frame to and fro in the chair. “Why, these things make it look as though Fairspeckle was Mr. Shei.”

“They show that the mystery isn’t quite so simple as you thought, inspector. They sort of knock the pins from under your theory that The Gray Phantom is Mr. Shei.”

For a few moments longer Stapleton’s bewildered eyes rested on the slips. Then he read aloud the list of names beneath the introductory paragraph, and the pucker on his forehead deepened. Finally he looked quizzically at the lieutenant.

“Yes, I noticed it, too,” said Culligore. “There’s something queer about that list. Looks as though Mr. Shei, whoever he is, hadn’t followed his original programme. Seven men were inoculated, but only five of them are named in Fairspeckle’s list. The other two names don’t jibe.”

Stapleton pondered for a while. He seemed to have great difficulty readjusting his thoughts to a new fact.

“And here’s another interesting thing,” Culligore pointed out. “Every one of the seven men mentioned in Fairspeckle’s list was a member of a ring that fought him tooth and nail some years ago.”

“And this is Fairspeckle’s way of getting even with them,” ventured the inspector.

“Maybe,” said Culligore guardedly. “Anyhow, a fairly strong motive could be made out of it.”

“But how do you account for the fact that Fairspeckle didn’t carry out his original programme?”

“I’m not trying to account for it just now. There might have been a slip of some kind. If Fairspeckle is Mr. Shei, the fact that he revised his list doesn’t really cut any ice. Any man has a right to change his mind.”