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I couldn't talk when you called me about Grady. Something was happening — that's why I told you to wait. I knew I could explain better when I came here."

"What is the matter?" questioned the old man.

"I'm being followed," declared Delmuth. "Followed by a man whom I cannot see!" The old man smiled at the paradoxical statement. He was wondering how Delmuth knew he was being followed, if he could not observe the follower. The smile turned to a serious look, however, for the old man could tell that Delmuth was in earnest.

"So far, Benson," said the advertising man, "I've slipped it over on this fellow. I suspected he was on my trail when I came into my apartment this evening. I made that call to Philadelphia by using the phone the moment that I came in.

"When I talked to Chadwick, I was lucky enough to put through a quick call. Even at that, I'm not sure that I was not overheard. I took the precaution of carrying the telephone into the hall closet."

"You think the man who was trailing you was that close?" Benson asked.

"If he's who I think he is, he might have been at my elbow without my seeing him!"

"Who do you think he is?"

"The Shadow!"

Delmuth's revealing words were uttered in a low whisper. They were startling, even to the cagey old man. Benson was solemn for a moment; then he smiled wanly.

"The Shadow," he said, with a slight laugh. "I've heard of him, but I have always doubted his existence. A superman who fights with crooks. I have been active for years, Delmuth; yet I have never encountered The Shadow!"

"That does not signify that The Shadow is nonexistent," answered Delmuth. "I have never run up against him before; but this time, I think we're dealing with him.

"We have been active, lately — and we are just beginning. If The Shadow is mixing in our affairs, there's only one thing to do — get him!"

If you are so sure that The Shadow is following you," said Benson quietly, "why did you come here?"

"I took precautions," was the response. "I called Shamlin and gave him the tip-off. You know my gag."

"He came up in a taxi, and it stopped outside of my apartment. I stepped in it, as if it were a vacant cab; then Shamlin got out later, paid the driver, and walked away. In the dark, he easily passes for me.

"If The Shadow is still on the trail, he's following Shamlin. Probably on his way to take in a midnight movie. That's where Shamlin said he was going."

"Who was driving the cab?"

"Harmon. He works with Shamlin. I've used those fellows plenty. Two good men — but not in a class with you and Grady."

Old Benson smiled at the compliment.

"Grady called me from Trenton," he said. "Told me he would come directly here, after he meets Chadwick. He can make it in two hours — he drives rapidly at night."

"Good," said Delmuth.

"One more job," said Benson speculatively. "Then the way will be clear. There's only one mistake letting young Chadwick out."

"He will be safe!" said Delmuth emphatically. "He knows nothing!"

"He knows that you are playing some phony game."

"Yes; but he doesn't see the real connection. He is scared, because he knows that I know all about his affairs. He will never squeal."

"You and I," said Benson thoughtfully. "You and I and — " He smiled instead of pronouncing a name.

"Even Grady does not know. As for Shamlin and Harmon — "

"They know nothing," Delmuth interposed.

"Then The Shadow, if he is interested, cannot know," Benson concluded.

"I think he followed me last night," said Delmuth seriously. "That was when I had my first suspicion. But I played the game the way I always play it. I tore up the dope sheet and left an empty envelope in my pocket. If The Shadow found it, he will have a lot of guessing to do!"

"You look worried, Delmuth," said Benson quietly. "That is a mistake. You may be worrying over nothing. On the contrary, if it is not your imagination — if you are really being followed — " Delmuth stopped the speaker with a raised hand. As they sat in silence, the suave advertising man listened keenly. Then, he arose from his chair and tiptoed to the door.

He opened it cautiously and stepped quickly out into the hallway. He came back, shrugging his shoulders.

"Thought I heard a noise," he declared. "I am worried, Benson, but I have cause to be. It gives me the creeps, and I've never had them before.

"I tell you, again, we must be careful!"

The old man nodded thoughtfully. He did not appear to be worried, but he began to adopt shrewd tactics.

He looked about the room as though forming a plan. He peered from the window; then went to the door and made a brief inspection. After that, he traveled to an inner room and returned.

"If The Shadow is spying here," he said, "you can be sure that he is a man of miracles.

The hallway is empty. There is no one in the inner room. As for the window — we are on the fifth floor."

"There are other windows below," asserted Delmuth. "It would be possible — "

"Possible," agreed Benson. "Possible for a man to scale the wall, but highly improbable that he would risk it. Should we suspect The Shadow was outside our window, we could easily discover him."

"How?" Delmuth asked.

"I shall show you."

The old man went to a table and returned with a flashlight. He leaned deliberately from the window, and turned on the instrument. He focused its rays upon the wall below. When he again turned toward Delmuth, Benson wore a serious expression.

"Did you see anything?" questioned Delmuth.

"Yes and no," answered Benson softly. "I understand your qualms now, Delmuth."

"Why?"

"The entrance to the fire tower is twenty feet from this window." Benson's voice was little more than a whisper. "I observed a peculiar blackness there. It seemed to disappear as I turned the light directly toward it."

"That's the way it has been," said Delmuth hoarsely. "I have never seen a man — but I have observed signs of one. Always that way. What are we going to do about it, Benson?"

"Put on your hat," replied the old man, with a smile. "We are going out, together." While Delmuth was following the old man's instructions, Benson strolled about the room. He stopped at a corner near the doorway. There, he stared keenly at a screen with three panels. He stretched out his hands as though to touch this article of furniture; then desisted. Instead, he pressed a switch on the wall. This illuminated a series of wall brackets about the room.

The old man glanced toward the screen and smiled. He turned off the switch and nodded to Delmuth.

"Come along," he said.

The two men left the apartment. Benson was talking loudly as they walked along the hall, away from the entrance to the fire tower. They waited for the elevator; then descended to the lobby. Within two minutes after the men had made their departure, a slight motion occurred at the window of Benson's living room. It seemed at first as though a chunk of darkness had assumed a solid form, projecting itself into that deserted room. Then, the form took on the semblance of a human being. A tall man stood revealed in the glare of the single table lamp that illuminated the room. The visitor from the outer darkness was garbed entirely in black. About his shoulders rested the folds of a sable-hued cloak. A black slouch hat obscured his face. Only two burning eyes were visible. The Shadow, man of mystery, had scaled the wall from the fire tower!

He stood alone in the room which the men had left!

Stepping away from the window, he seemed to merge with the darkness of the wall. His step was cautious as he moved about the room.

Dark eyes sparkled as they observed the screen in the corner. The Shadow moved in that direction. He stopped. His black-gloved hand rested on the wall, close by the switch that controlled the wall brackets. Studying the screen, The Shadow laughed. The sound that came from his lips was a low, weird utterance.