“Perhaps not.” A great gloom seemed suddenly to fall over the Phantom. “It looks as though you had me, Culligore. A man can’t fight the whole New York police force single-handed. All you have to do is to blow your whistle and——”

“Whistle be hanged! I’m not going to give you the satisfaction of saying that it took a regiment to get you. I mean to arrest you alone, just to prove that you’re not as smart as some people think.”

The Phantom glowed inwardly. His adroit and subtle appeal to the lieutenant’s pride had produced the desired effect. Culligore felt so sure of his advantage that he would not summon help, and this was an important point in the Phantom’s favor. Yet he knew the situation was critical enough. On former occasions he had gambled recklessly with death, often winning through sheer fearlessness and audacity, but much more than his life was at stake now. He looked in vain for a loophole in the situation. All he could do for the present was to spar for time.

“I see,” he murmured. “The achievement of taking the Phantom single-handed would put a gorgeous feather in your cap. But look here, Culligore. Fame is a fine thing, but you can’t eat it, and it won’t buy clothes. Isn’t it just as important to find the murderer of Mrs. Trippe and Gage?”

“I’ll attend to that, too.” The lieutenant inserted a hand in his pocket and drew out a pair of handcuffs. “Out with your hands, Phantom.”

The Phantom promptly put his hands in the pockets of his trousers. “Why be in such a rush, Culligore? You know I can’t get away from you so long as you keep me covered. Let’s discuss things a bit. You don’t think I committed those murders?”

“Not exactly,” said the detective thoughtfully, the steel links dangling from his hand. “Whatever else you may be, I don’t think you’re a murderer.”

“And that shows that you have more gray matter than some of your colleagues.”

“Thanks,” dryly; “but you’d better save the compliments. I haven’t quite made up my mind about the murders yet. If you didn’t commit them, there are a lot of things that will have to be explained. The threatening letter, for instance.”

“Forged.”