No answer came; nothing but a muffled thud that sounded as if the person at the other end had suddenly dropped the receiver. His face white, The Phantom turned to Miss Dale.

“Are you convinced now?” she murmured, a silken smile hovering about her lips. “And don’t you think you had better obey Mr. Shei’s wishes and leave the city immediately?”

The Phantom mopped the clammy perspiration from his forehead. A moment ago his face had been distorted from horror; now a look of rage glittered menacingly in his eyes. “Mr. Shei will pay for this,” he muttered thickly. “When I have finished with him, he will wish he had never been born.”

“And just what do you propose to do?” Miss Dale airily waved her slim, white hand. “As a measure of self-protection, knowing that he could not control you by any other means, Mr. Shei has caused Miss Hardwick to be inoculated with the same malady that killed Miss Darrow, and which will kill seven of the city’s wealthiest men unless they comply with his wishes. There is only one thing which can save her, and that is the antidote. It is in the possession of a Malayan scientist, one of Mr. Shei’s most devoted followers, and it will be administered only when you have carried out the terms I have explained to you.”

The Phantom stood silent while trying to fight down the surge of emotions that threatened to swamp his reason. Suddenly his roving gaze was fixed on the numbered tag above the mouthpiece of the telephone instrument. His lids contracted a little.

“Brilliant idea, my dear Phantom,” drawled Miss Dale. “For once you are quite transparent. It is your intention, as soon as you leave my apartment, to call up the telephone exchange and trace the call, thus learning Miss Hardwick’s whereabouts. It would be simple, for it was a long-distance connection, and such calls are always recorded. I will save you the trouble, however. Miss Hardwick is at Azurecrest.”

“Azurecrest?” echoed The Phantom, momentarily a trifle dazed.

Miss Dale seemed to find his perplexity highly amusing. “When Mr. Shei learned the place was for sale, he bought it anonymously through an agent. It seemed an ideal spot for certain experiments he had in mind. Hoping to find you there, Miss Hardwick went to Azurecrest the day after Miss Darrow’s death, and for divers reasons it was thought best to detain her.”

The Phantom muttered an exclamation. Slade had lied to him, then, when The Phantom had called up Azurecrest earlier in the day and inquired for Miss Hardwick. Slade, he now suspected, was one of Mr. Shei’s agents, and under the circumstances it was not surprising that he had disclaimed all knowledge of Helen. The Phantom might not have accepted his denial so readily if he had had the faintest inkling that Mr. Shei was the present owner of his former retreat.

Suddenly he whirled round on his heels and started abruptly from the room.