His eyes narrowed gradually as he read the highly colored account of the tragedy in the Thelma Theater. There was a pucker of perplexity on his forehead when he finished.

“Wonder what Mr. Shei is up to this time,” he mumbled, gazing thoughtfully at the floor. “I’ve been following the fellow’s exploits for some time. This is a bit out of the ordinary—eh, Wade?”

“You said it, boss. And you can bet your sweet life he’s getting ready for something big this time. Unless I’m a poor guesser, the affair at the Thelma last night was only the beginning. Mr. Shei’s schemes run deep, and he never strikes a blow unless he’s got an object in view. There’s something queer about the murder of that woman, boss.”

The Phantom nodded. “Looks as though you were right, Wade. Mr. Shei is out after big game this time, and in all likelihood the Thelma affair is only the prelude. But I don’t see how—”

“There’s another queer thing about this Mr. Shei,” interrupted the fat man. “Maybe you’ve noticed it. I don’t know how many jobs he’s pulled off, but every one of them has shown the slickest kind of workmanship. What’s more,” and Wade’s eyes peered cunningly into the other’s face, “most of them look as though you’d had a hand in them yourself. That’s what I meant when I said another man is stealing your thunder.”

The Phantom started; then a thin smile parted his lips. “Yes, I have noticed it, Wade. I have studied Mr. Shei’s methods as carefully as has been possible from the superficial and distorted newspaper accounts, and I have observed that he has done me the questionable honor of adopting some of the methods and stratagems I used to practice in the past. In a number of instances he has copied my technique so closely that I’ve often wondered whether I’ve been walking in my sleep or whether my old self has come back in a new form. It’s been almost uncanny.” He laughed musingly. “What do you make of it, Wade?”

“I think you’d better take another fling at the old game before this Mr. Shei gets a monopoly on it.”

“I didn’t mean that. How do you account for the similarity of methods?”

The fat man pondered. “Somebody has studied your tricks and put them into practice. Somebody that’s been close enough to you to watch you in action. Maybe,” and the glow of a sudden idea lighted up his face, “a member of our old crowd. Say, boss, wouldn’t it be a joke on you if Mr. Shei should turn out to be a graduate of your own gang?”

“Worse than a joke,” said The Phantom grimly. He paced the floor with quick, short steps, his hands clenched at his back. “I have given the mysterious Mr. Shei a great deal of thought in the past few months, and I fear you are right. His tactics so closely resemble mine that I suspect he learned them from me at firsthand. In the old days I often took a sort of foolish pride in teaching my methods to the more adaptable ones among the members of my organization. It pleased me to watch their development under my training. I didn’t realize then what I was doing. Now——” He shrugged as if to dismiss a futile regret. “Yes, it’s quite likely that Mr. Shei is a former pupil of mine.”