happened,
he must play his part. He must retain the role of Alvarez Legira.
Calmly smoothing his rumpled coat, Perry feigned indifference as he drew his cigarette holder from his
pocket. He boldly returned the stare of the man who stood before him. The action brought a soft, ghostly
laugh from the hidden lips that were buried beneath the shadowed projection of the hat brim.
“Who are you?” demanded Perry suddenly.
“One who is interested in your plans, Legira,” came the reply, in a low, whispered voice.
Perry restrained a smile as he realized that his impersonation of Alvarez Legira was effective enough to
deceive this crafty visitor. He decided that by careful playing of his part, he might learn matters which had
hitherto eluded him.
To-night, with the visit of Pete Ballou, Perry had gained his first glimmering knowledge of the intrigue and
cross-purposes that surrounded the consul from Santander.
“You are interested in my plans?” he questioned casually.
“Yes,” declared The Shadow. “I had been awaiting your conference with Ballou, to-night.
Unfortunately”—the voice was low and monotonous—“the communication which I had established was
terminated.”
Perry realized that this meant the dictograph. He recalled now that Lopez had discovered the connecting
wire just before Ballou had paid his unexpected call.
“So you came in person,” observed Perry.
The Shadow did not reply. Looking beyond the man in black, Perry observed the raised shade and the
solidity of the metal shutter beyond it. He knew that this strange visitor had made his entrance through
that channel.
“I appreciate your visit,” added Perry, with a definite affectation of Legira's manner. “I had an unfortunate
altercation with my secretary, Lopez. Your intervention was indeed most timely.”
“I have come to question you,” declared The Shadow, in a cold, harsh tone. “I know Ballou's purpose
here. He came to warn you that your time was nearly ended. To-morrow night, he expects his answer. I
expect my answer now!”
Perry stared straight at the burning eyes. The Shadow was coming closer. Perry viewed his approach
with alarm. The figure held a menacing position.
“My question,” stated The Shadow, “concerns the sum of ten million dollars. I have come to learn your
plans regarding it.”
“Ten million dollars?” Perry asked the question with pretended calm. “I am sorry. I can give you no
information.”
THE eyes of The Shadow were close. Like flaring globes of light, they shone with piercing power. To
Perry, they held a hypnotic force. He could not turn his gaze from them. His mind was filled with conflict.
Did this weird visitor bring new danger?
Trembling with nervousness, Perry tried to shrink away from the forceful eyes that sought to read his
thoughts. Somehow, he seemed bereft of strength. He sat, unresisting, wondering if this man of the night
intended to attack him. Then, suddenly, The Shadow moved backward, his cloak swishing eerily as he
withdrew to the center of the room.
A creepy laugh, uttered by obscured lips, caused cold tremors along Perry's spine. He wondered why
The Shadow's method had changed. Then came the explanation.
In a low, smooth whisper, The Shadow addressed a prolonged question. The words were a jargon
