Reaching the farther end of the tunnel, he fumbled along the wall until he found a spring deftly hidden in a crevice. Evidently the mechanism was still in good working order, for a door swung squeakily on unoiled hinges. He passed inside, touched another spring, and the door swung shut. In another moment he had switched on an electric light.

The room was narrow and almost square, and there were neither windows nor visible doors. It was supplied with air through ingeniously hidden ventilators and The Phantom had fitted it up for brief occupancy. Occasionally it had suited his mood to retire to the hidden chamber and read one of his favorite books.

Throwing off the light overcoat he had been wearing, he then examined his automatic and the little pocket case in which he carried a number of carefully selected tools that had stood him in good stead in numerous emergencies. Despite the advantages afforded him by the tunnel and the secret room, he would be surrounded by dangers at every step. He had no doubt Mr. Shei’s henchmen would kill him on sight, and he could not afford to toss his life away recklessly while Helen was in danger.

He glanced at his watch. It was only a little after ten, and sounds reaching him through the ventilator shaft warned him that the occupants of the house were still about. As soon as the house had quieted down a little, he would try the first plan on his programme. If that failed, he was holding two or three others in reserve.

For half an hour he waited, then a sliding panel opened at his touch on a spring, and he ascended a narrow spiral stairway that terminated in what appeared to be a blank wall. His hand touched a lever, and The Phantom passed through an aperture that instantly closed behind him. He was standing in a dark room in a seldom frequented part of the house. He advanced a few steps, then stood still, listening. Someone was laughing, and in the darkness the sounds impressed him even more forcibly than they had in the light of day. He walked on, trying desperately to exclude the agonizing accents from his ears. Hurriedly he opened a door, then as quickly drew it to again. Someone was passing in the hall outside.

He waited till the footsteps moved away, then looked warily out. A tall figure, walking with a brisk, swinging gait, was turning into one of the rooms farther down the corridor. As soon as the door had closed behind him, The Phantom followed on tiptoe. Noticing that the hall was deserted, he bent his ear to the keyhole. Two voices, one of them speaking with a distinct foreign accent, were talking in tones signifying that they had reason to be well pleased with themselves. They were discussing the progress of Mr. Shei’s adventure and congratulating themselves on the prospect of becoming immensely rich within a few days.

The Phantom, listening intently, was learning several facts of interest. The two speakers were addressing each other as Doctor Tagala and Mr. Slade, and he gathered from divers remarks that the latter was in charge of affairs at Azurecrest while Mr. Shei was watching developments in New York. Doctor Tagala seemed to be the scientist who had discovered the poison that was the chief factor in Mr. Shei’s scheme.

Having absorbed a great deal of useful information, The Phantom raised his head from the keyhole. Then, he flexed his muscles and drew the automatic from his pocket. Here was his opportunity for putting his first plan to the test. It was cruder than the alternative ones, but it might also prove vastly more effective. His hand closed around the knob. With automatic in one hand he softly pushed the door open, entering so silently that for several moments neither of the two men in the room was aware of the intrusion.

He gazed for an instant at the singularly repulsive face of the man addressed as Doctor Tagala, then gave his companion a fleeting glance of inspection, noticing that Slade had the strong jaw and aggressiveness of manners that usually go with a domineering personality. Only the eyes, shifty and unmagnetic, gave him a suspicion that there was a weak strain in the man’s moral fiber. Smiling affably, with every nerve in his body atingle, he advanced to the table.

“Good-evening, gentlemen,” he said softly.