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The Phantom crooked one arm, quickly rested his gun hand against it, and drew a bead. The speed boat swerved as its pilot realized what the Phantom was doing. The gun cracked, but the searchlight stayed lit. Now the launch was getting dangerously close. The Phantom fired two more shots. This time the searchlight winked out to the tune of breaking glass.

The Phantom knew that launch was aimed straight at the rowboat, and by holding its course was bound to smash into it. There wasn’t time to use the oars. He holstered his gun, stood erect, and dived over the side.

The lake water was cold at this time of year. It knocked the breath out of him, for he dived deep. He was conscious of swirling water above as the motor launch slashed a path through the surface. The Phantom’s head bobbed to the surface.

SOMETHING drifted against his shoulder; and he automatically started to dive, but checked himself. It was a piece of wood from the rowboat. The speed boat seemed to have struck it squarely amidships. And that craft was coming back. Someone aboard her had a flashlight, by no means as powerful as that searchlight the Phantom had shot out, but strong enough to illuminate the water and catch him in its beam if he didn’t act fast enough.

The Phantom kicked up his heels and plunged down. But the pilot of that boat suspected the Phantom’s trick and was already turning by the time the Phantom’s head broke water again. The flashlight captured him. A gun cracked, and the Phantom saw the water geyser close by his head. The launch was bearing down too. He took a quick breath and dived again.

They played hide-and-seek with him for another five minutes; but the Phantom was a strong swimmer; he knew how to conserve his wind; and even while under water, he was moving quite rapidly toward the further shore. He’d shed his shoes already, but his coat clung to him with all the tenacity of glued paper. The gun in his shoulder rig weighed a ton. He reached the surface, and this time he wasn’t greeted by a flashlight, bullets, or the onrushing prow of a fast moving launch. He rolled over to rest and get back his breath and his strength. The launch motor was fading out somewhere to the north.

Finally, the Phantom crawled up on Dr. Winterly’s dock. He lay there, prone and exhausted, for five minutes. His mind worked smoothly, and he wondered how those killers had known he was at the lake. Of course, they might have preceded him there, or even been there all the time. Sam Ruddy might have signaled them somehow, or someone back in the city could have phoned that the Phantom was on his way to see Dr. Winterly.

The Phantom got up, wrung water out of his trouser legs and his coat, and splashed along the dock in his stocking feet headed for the house which was still illuminated. He paused again, within yards of the place, and drew his gun. He shook water out of it; hoped the weapon would still work despite the soaking it had received; and with the gun in fist, he moved up to the door of Dr. Winterly’s place.

He didn’t knock, just pressed down the black iron latch, pushed the door open a foot, and stood there listening. He could hear raucous breathing, like that of a man in a deep sleep. He opened the door wide, stepped through, and crossed the room. He found the snoring man. It was Luke, a brutal looking figure even in sleep. He lay on a couch, his left hand gripping an empty whisky bottle which had spilled over onto his chest. His right hand dangled off the side of the couch, fingers resting against the floor and more than two inches from that ugly knife he’d carried in his belt. There was something different about that knife now. It was well-stained with blood.

The Phantom moved into the next room. He closed his eyes and winced at what he saw. If Dr. Winterly had known anything, he’d never tell it.

Not with his throat slit from ear to ear.

HIS body was still warm. Dr. Winterly had been murdered not more than thirty or forty minutes ago. The Phantom went back to where Luke was sleeping off what seemed to be a drunken stupor. He checked the man’s pulse. It was very low, not the pulse of a drunken man, but of a heavily drugged one. There was some blood on the tips of the fingers near that knife.

The Phantom began a methodical search of the premises. In a small laboratory where Dr. Winterly had worked, he found some weird looking apparatus setup. There were notebooks well filled with notes, but none of them seemed to make any sense. It was almost as if Dr. Winterly wrote everything down in some clever code.

The Phantom examined the apparatus; and, while he knew a great deal about the science of chemistry, he’d never seen such a unique conglomeration of retorts, flasks, beakers, and distillation tubes. This apparatus couldn’t possibly serve any useful purpose, for one item contradicted another. The Phantom stepped back and studied the lab bench for a moment while a new idea filtered into his brain – an idea which required confirmation, but he would have bet on the fact that he was right.

This was work for the sheriff, and after the Phantom was satisfied that a further search would gain him nothing, he left the place and headed north toward another house where he knew there was the only telephone on this shore. He’d noticed the wires there upon his first visit to the lake. He found a pair of shoes in Dr. Winterly’s closet which fit him reasonably, and he appropriated them. Then he started for the neighboring dwelling.

There were lights on in this house, too, but only at the front of it, away from the lake. The Phantom knocked on a screen door. He heard heavy steps approach, and the inside door opened a crack.

“This is a police matter,” the Phantom said. “I’ve got to reach Sheriff McCabe at once. I want to use your telephone.”

“Come in,” the man said, and opened the door wider.

The Phantom stepped into the room. He saw the look of horror cross the face of the man who stood before him. The Phantom started to turn and reach for his gun, but he was too late. They’d set the trap well, menaced the owner of the house, and forced him to let the Phantom in.

A gun barrel crashed down on the back of the Phantom’s skull. He staggered backward. The hand trying to pull his own gun free was sluggish. His brain reeled, things were getting misty. He clutched at the side of a table. Another hammer-like blow struck his head. He went down on one knee, still clawing at the table for support Then he pitched forward and lay still.

He was never totally unconscious. When he heard the owner of the house shout in horror a few seconds later, he knew they were attacking him too. Then someone kicked the Phantom in the ribs, and he heard a groan. It seemed to come from miles away. The kick was repeated and so was the groan. This time he realized it came from his own throat.

He was grasped by the collar and lifted into a sitting position. Someone slapped him hard across the mouth. It didn’t even hurt. He was past the stage of feeling pain. Those blows on the head had numbed him from head to foot.

He didn’t know who’d sprung this trap on him for his eyes refused to function. Then he was on his feet – standing up, at any rate, though there were men on either side of him holding him there. He was urged forward. His legs wouldn’t work, so he was simply dragged along. Cold night air helped some to revive him, but he didn’t show it. His eyes functioned properly again, but it was dark now, and he couldn’t see his captors. He was certain there were only two of them.

THE darkness faded, and then there was bright light He was inside some building. He slitted his eyes and knew it was Dr. Winterly’s place. Apparently, they intended to kill him here, and somehow let Luke take the blame for his death too.

“Let him fall,” someone said.

The Phantom slid to the floor, but collapsed so that his head twisted sideways and he had a momentary glimpse of his captors. One was Bernie Pennell, still wearing that jaunty pearl-gray hat. The other was Len Barker, with the twisted ear, and his left arm in a sling.