notes. Shall I go down and tell him that we are ready?”

“You'd better,” informed the radio man, moving to a square box where a switch was located. “The announcement is due inside of ten minutes.”

TABBERT started for the door. He stopped as he heard footsteps. Two persons were coming up the stairs; Tabbert recognized Coyd's voice and came back into the room. Half a minute later, Coyd entered the room with Jurrick at his elbow. The sleek secretary was speaking in a low, half?pleading tone.

“Enough, Jurrick,” said Coyd, sharply. “You are in my employ to take orders; not to criticize my decisions.

Go take a chair and say no more.”

A scowl showed on the congressman's dry features. Then Harry saw a blink of eyelids, a sudden twitch of lips as the shock?haired man spied Beatrice Rydel. For a moment, fingers clutched nervously at open air; then Evelyn Coyd sprang up from her chair.

“Daddy!” she exclaimed. “You don't mind our surprising you? I thought you would like to have Beatrice and myself here to?night.”

The girl had placed her hands on Coyd's shoulders. Mechanically, he kissed her on the forehead; then spoke, nervously, as Evelyn stepped away.

“No, no, daughter,” came Coyd's response. “I do not mind. It was rather startling, though, to know that you had arrived so unexpectedly.”

Though he spoke to Evelyn, his eyes were still toward Beatrice. The blond girl looked half puzzled; Harry saw her start to speak, then hesitate. Evelyn, too, was wondering; and Harry was not surprised. The Shadow's agent had noted many of Coyd's moods; the present one was different than any that he had previously observed.

Fingers moved through the shock of black hair. The action changed the man's mood. Coyd's face became firm; his voice sounded brusque. Doctor Borneau motioned to the girls; they sat down at the physician's order.

“Only a few minutes, Mr. Coyd.”

“Good.” Coyd's tone was firm. With this response to the radio technician, the speaker of the evening swung about and faced the group. “Good. But I still have time to say something that will interest all of you.”

A tense pause; then came the congressman's tone tinged with a sneer:

“I have altered the contents of my speech. I have done so because I am weary of interference in my affairs. In order to declare my independence, I shall deliver statements that will end all meddling on the part of others.

From such persons, for instance, as Senator Ross Releston.”

Coyd's tone was sarcastic and biting. Harry saw a gleam in the congressman's eyes as they were focused first upon him; then on Foster Crozan. Harry watched Crozan rise from his chair, only to he waved down.

“To?night, I shall speak of utilities.” Coyd's voice was intoning the words. “But I shall not condemn them.

Nor will I state what Senator Releston has said—that rates will be fixed once and for all.

“Instead, I shall declare that these specific utilities will not be regulated at all.” A gesturing hand flourished a sheaf of papers that Jurrick had typed. “I shall assert that their affairs do not come under congressional jurisdiction; that the committees will have no report concerning them.”

CROZAN was on his feet. Violently, his fist was shaking in Coyd's face. Harry had never seen the senatorial candidate so indignant.

“Outrageous!” stormed Crozan. “Do you mean, Mr. Coyd, that you intend to state a deliberate untruth? To create a totally erroneous belief on the part of the public—”

“My original remarks were not entirely correct.”

“They recognized definite possibilities. There was a chance that the committees would go further than already decided. This new statement, however, is a bald lie. If Senator Releston were here—”

“He is not here, however,” came the sneering interruption. “As for you, Crozan, you are nothing but a private citizen. Your interference in my affairs is unwarranted.”

“I am acting for the public good. Do you realize, Coyd, what you will do? No denial—by Releston or any one —will be capable of stopping disaster. The truth can never overtake a lie. The munitions scandal will be nothing compared with this. To?morrow, stocks will soar sky high. Speculators will unload—”

“Let them. Their business is their own.”

“But afterward, Coyd! The dupes who will buy those securities at your instigation! Think of them! When Congress resumes session, when the committee reports are given, the fixing of utility rates will cause a drop to normal or below. Honest persons will be bereft of long?saved earnings—”

“That is their look?out, Crozan. My interests are my own. Independence is a virtue that I value, Crozan.”

“Independence!” Crozan's tone was irony. “You are showing no independence, Coyd! At last you are flaunting your true colors—the skull and crossbones of piracy. I believed in you, Coyd. I thought—like Releston—that your statement regarding munitions had been an unaccountable error.

“Both Releston and I were deceived on that occasion. Deceived by your glibness and your whining. It is plain, now, that you were working for the very graspers whom you pretended to denounce. A hidden syndicate, operated by one man whose lust for wealth knows no bounds.

“You were forced to back down that time, Coyd. However, you have found another opportunity to serve your evil master. This time the speculation lies in those rotten utilities that you said you would denounce. You will get your pay from that big money grabber who is behind the whole scheme.

“I shall name him, Coyd. I was right from the start. I should have known it to?day. That crook came here in person, to see if you were still in line. Tonight, he has sent his daughter as a reminder of your crooked duty.

“You are working for Dunwood Rydel! He stands to win fifty million dollars through your vile efforts! You will receive your portion. That is, you would receive it, were I not here to stop this outrage. Your speech, Coyd, will not go over the air!”

Both of Crozan's fists were against Coyd's jaw. Suddenly, a defending arm shot forward; the drive of Coyd's fist sent Crozan sprawling back into his chair. Spluttering, Crozan came to his feet again.

“Stop him, Tabbert! And you, Jurrick!”

BOTH secretaries hesitated as they heard Coyd's command. Then Tabbert saw Evelyn; Coyd's daughter was stopping Beatrice Rydel, who was coming toward Crozan, shouting her indignation at his statements concerning her father.

Tabbert waited no longer; with a contemptuous glance at Jurrick, the red?haired secretary pounced upon Crozan and pinned the square?jawed protester in his chair.

Crozan fought back. He had the strength of an athlete and was a match for Tabbert. But Jurrick, forced to follow Tabbert's action, had come into the fray. Together, the secretaries ended Crozan's resistance.

Overpowered, Crozan glared at Coyd; then heard the congressman's sarcastic words.

“Sit quiet, Crozan. One move from you will lead to your ejection. One word from you will mean the end of your political career. You have no authority; it is not for you to interfere with my activities.”

Crozan quieted; his face was bitter. Beatrice had subsided under Evelyn's coaxing. Doctor Borneau had stepped forward to protest against his patient's fury. Harry saw Coyd's shaggy head shake. Borneau stepped back.

“Nearly ready, Mr. Coyd.”

It was the radio man at the switch. The fellow had taken no part in the altercation; his worry concerned the broadcasting of Coyd's speech. Nimbly, Coyd's hands unfolded the new notes; Harry saw sneering lips above the congressman's pugnacious jaw. A sudden hush filled the room. Crozan, head bowed, was silent.

Then came words from a loudspeaker. It was an announcer at the banquet hall, stating that the guests would hear from Congressman Layton Coyd, the speaker of the evening. The announcement ended; the radio man swung the switch and nodded. Coyd stepped to a microphone that was standing on the table. The air was ready for his speech.

AT that instant, a whispered sound crept through the room. Low, sinister, almost spectral, it came as a

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