At eight o'clock the next evening, a man entered the lobby of the Dradno Building, one of Manhattan's newest skyscrapers. This individual was perfectly attired in a tuxedo, and over his arm he carried a dark-gray coat. He stepped into the waiting elevator.

"Good evening, Mr. Delmuth," said the operator.

The man uttered a slight response. He was not the type of person one would find talking with elevator operators. He possessed a blunt manner and carried himself in military fashion.

Sidney Delmuth impressed all observers as an egotist, not only in attire, but in expression. His face was round and challenging. His eyes were shrewd and cunning. His pointed black mustache bristled above thin, straight-set lips.

The elevator stopped at the thirtieth floor. The man in the tuxedo walked directly to a lighted door which bore the ornate sign:

Delmuth Advertising Agency

A man was sitting at a desk when Delmuth entered. He arose as his employer arrived.

"Waiting for you, Mr. Delmuth," he said.

"All right, Matthews," was the reply.

"Thought you came in a while ago," said Matthews. "I was sitting here, half-asleep, and I could have sworn I heard the door open. Guess I was dreaming."

Delmuth looked up sharply. He looked around the office as though expecting to see someone there. He walked into a small private office, and turned on the light.

After a brief inspection he visited a similar room. Then he came back into the outer office and went to a large safe in the corner.

He appeared satisfied that no one was in the place besides himself and his employee.

Delmuth indulged in a harsh laugh as he opened the safe. He was still laughing as he brought out a heavy manila envelope and thrust it in his inside pocket.

"I have to laugh when I look at this safe," he declared.

"Why?" questioned Matthews.

Delmuth shut the safe and turned the knob. Then he pointed to the name on the safe.

"One of old Mayo's safes," he said, "To think that we've got one of them in here! He'd give plenty to have that safe — with its contents.

"Every time we put one over on him, we keep all the data in a Mayo safe. Funny, isn't it?"

Matthews grinned. "Well," he said, "we've never done any work for his competitors in the safe line."

"Not in that, no," agreed Delmuth. "But that's only one iron in his smoldering fires. What about Sokleene Soap? He had a half a million tied up in that. It's making out all right — just about.

But that advertising campaign we put out on Washine just about wiped Sokleene off the map.

"Remember when he was promoting the Princess Products, and we pushed Duchess Beauty Sets? The same thing happened again.

"It's getting so every time the old boy starts something, it comes right down our alley, and we beat him with a competitive idea."

"No question about that," Matthews concurred.

"Well," declared Delmuth, "this time he's wise enough to come to terms before he begins!

He has a big interest in Purple Blossom Lotions, and he figures that we are planning something to meet it. He knows we have contacts with other concerns in that line."

"What's he going to do about it?" asked Matthews.

"I'm finding out tonight," Delmuth went on. "He's invited me up to a conference he's having at his apartment. Some of the Purple Blossom men are there.

"They won't offer me the account, I'm sure. Maybe they want to threaten me. Lawyers there, perhaps. Well, I'll soon find out!"

Delmuth had his hand on the doorknob. While he was talking, he was looking toward Matthews. With his last words, the advertising manager walked out into the hall.

There he stopped, and his lips tightened. He frowned as he glanced back toward the office. For Sidney Delmuth had a sudden recollection of something he had noticed just as he stepped through the door. Acting impulsively, Delmuth went back into the office. Matthews looked up in surprise at his return. He could not understand the puzzled look on Delmuth's face.

The advertising man was looking straight toward the far wall.

"What's the matter, sir?" asked Matthews.

"I've forgotten something," replied Delmuth. "I can't remember what it is." Actually, Sidney Delmuth was looking for a shadow. He was astonished because he did not see it. While he had been talking to Matthews, he had observed, in an offhand manner, a tall patch of darkness in the dim far corner. He had come back to look at it again. It was no longer there.

"The Shadow," murmured Delmuth. "The Shadow. I wonder if — " He strode across the room to that corner. There was nothing there. Unconscious of Matthews' surprised gaze, Delmuth walked about the room; then made an inspection of both inner offices. He finally stopped at a door that led into a side corridor. He tried the door; it was locked.

"That door is always locked, sir," said Matthews.

"I know it," answered Delmuth. "But where is the key? It's usually in the lock."

"That's so," said Matthews, in surprise. "I guess someone must have taken it out."

"See about it tomorrow," said Delmuth brusquely. "I'm a trifle nervous, Matthews. This unusual appointment is annoying me. Ah! Now I remember what I have forgotten." With no further words, Delmuth went into the inner office that bore his name on the door. There, he quietly unlocked a desk drawer and brought out a revolver. He examined the weapon to see that it was fully loaded. He placed it in his pocket and went out through the main office. Riding uptown in a cab, Sidney Delmuth was restless. He kept feeling for the envelope in his pocket. He was wearing his overcoat now, and he transferred the envelope to it. He looked out of the windows of the cab, and occasionally glanced through the rear window in a suspicious manner.

He was still anxious when he left the cab in front of Mayo's apartment house. There, he rested his hand against the inside pocket of his overcoat as he walked into the building. Sidney Delmuth was still looking for shadows. There were many of them here, and the fact annoyed him. In Mayo's apartment, an attendant took the visitor's overcoat. Delmuth saw the garment go into a closet; then he stepped there as soon as the servant had gone down the hall to announce his presence. For a moment, Delmuth fingered the envelope. Then he left it where it was. He also put his revolver in the pocket of the coat.

Sherwood Mayo was not present in the room which Sidney Delmuth entered. The advertising man saw two persons whom he knew, and was introduced all around.

He observed the coldness in the attitude of those who were meeting him, even though they pretended cordiality. This was even more evident when Sherwood Mayo entered.

The millionaire, usually genial, had a frown upon his face. He nodded curtly to Delmuth, who returned the greeting with a slight smile. The men sat down, and Mayo came quickly to the point.

"You know why we've asked you here tonight, Delmuth," he said. "We're starting a big campaign with Purple Blossom Lotions, and we don't want it copied by a competitor. Do you understand?"

"What have I to do with that?" asked Delmuth.

"You know well enough!" retorted Mayo. "You've spoiled business for me in other ways.

There's been too much of it!"

"I don't understand you," said Delmuth coldly.

Sherwood Mayo sat back and folded his arms. He looked about the group, as though expecting some other person to take up the cudgels. One of the other men spoke.

"We can't give you this account, Delmuth," said a sharp-faced individual. "There's two reasons why. One is, Mayo won't let us. The other is, the account's already placed.

"But I have a proposition to make. I have interests in the Grandoso Cigar Co. I'll swing you that account if you will keep away from concerns who are in the lotion business."

"When do I get the Grandoso account?" asked Delmuth.

"This week," was the reply.

"Fair enough," said Delmuth, rising and staring from one person to another. "I'll wait to the end of the week!"

"All right," said the man who had spoken before. "That settles it. You get the Grandoso account. I'll see you in your office, and we can go over the details. We'll line it up so that if you sign with any lotion concern, that will be the end of the Grandoso job."

Delmuth bowed and left the room.

"Now," said Mayo ironically, "we have finished with bribery. We can attend to business."

"I think he'll play fair on that basis," said the sharp-faced man.

"Delmuth is not likely to play fair on any basis," declared Mayo quietly. "You don't know him, Rawlings. If you did, you would not negotiate with him. However, I warned you.

"We can do with this makeshift arrangement. He will want to hold the Grandoso account, and that will give us a head start. But if he gets a good offer from a rival lotion concern, I warn you, he will drop the cigar advertising in a moment!"

The door was closed during this discussion. Delmuth, in the hallway, was putting on his overcoat while the servant held it.

Going down in the elevator, the advertising man felt in both inside and outside pockets.

He smiled as he felt the envelope and the revolver.

In the taxicab, Delmuth drew the envelope front his pocket. He held it between his hands as he smiled, and speculated on what had transpired.

"The fools!" he exclaimed in a low voice. "Handing me that soft proposition. They're stalling for time, and they don't think I know it — none except Mayo.

"They can have six months start for all I care — the way Mayo keeps bidding back on all his propositions. Then I can break out with another lotion, and it will be the same story over again.

"As for that Grandoso account, they'll find out that their contract will be a hard one to break, without paying plenty. Fools!" He laughed softly. "If they only knew what was in this envelope!

"Well, that's over, and I didn't have to say more than a few words. Easy money and no work!" Delmuth opened the envelope as he spoke. He removed a paper which it contained, and unfolded the document.

The cab was stopped near a traffic light. Leaning forward. Sidney Delmuth quickly scanned the written lines that appeared on the paper, checking all with care. Looking from the windows, he made sure that no one was observing him from a near-by vehicle.

Then, leaning back in his seat, Delmuth tore the paper to pieces. The tiny fragments fluttered from the window as the cab rolled along.

Sidney Delmuth was bound for the Cobalt Club. He had given that address to the driver when he had entered the cab. The vehicle stopped at its destination and Delmuth alighted. He entered the club and gave his hat and overcoat to an attendant. In the smoking room, Sidney Delmuth sat in a corner chair and noted the various members who were there. Among them was Rutledge Mann.

Meanwhile, Delmuth's overcoat was hanging in the check room, near the counter. The attendant was reading a newspaper. Had he glanced up, he would have witnessed a startling sight. A hand, apparently coming from nowhere, was approaching the pocket of a dark-gray overcoat. The hand paused and went away, carrying a manila envelope. Half a minute passed.

The hand returned and replaced the envelope as it had found it.

The attendant, had he witnessed the event, would have been astonished. Sidney Delmuth, had he been present to see, would have been pleased. For he had anticipated the occurrence, and had prepared for it.

The hand of The Shadow had stretched forth to grasp a prize. It had gained only an empty envelope!