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usion。 Moreover； she was wondering why she didn't see Colin Nayre。 He wasn't among those who moved about； so she surmised that he was in another room。
Durez and his friends were drinking Cuba Libres as a preliminary to business。 From their slow sips at the long glasses； they weren't in any hurry。
Margo was just about deciding on a swim； when the glare of headlights cut through the hedge； illuminating the green brush and the officer beyond it。
Margo saw other police e dashing up； as the lone cop called to them。 She hurried over to the hedge。
The lights were from a taxicab； and police were arguing with the driver。
They wanted to know why he'd e here； and what his hurry was。 He was stuttering something about a passenger for the Equator； when one of the officers yanked open the door and said：
〃Oh； yeah？〃
The others looked in the back。 The cab was empty。 They didn't appear surprised； but the driver was。 He couldn't remember where his passenger had dropped off； and he argued that he hadn't been paid。
That point struck home to Margo。 She knew The Shadow's way of dropping out of cabs； but usually he fluttered a bill into the front seat； to cover his fare； with a healthy tip besides。
This new wrinkle would only mean that The Shadow hoped to hold the cab for later use！
The plan； at least； was working； for police had ordered the cabby to park over near the back of the garage。 The cop who guarded the hedge was returning； so Margo had to scamper back to her bench。 As she reached it； she took a quick look over her shoulder and caught a chance glimpse of something that stirred her even more。
A figure was scaling the wall of the garage。 It had just rolled to the roof； away from view of the police。 The shape appeared again； below the third…floor balcony； and prepared for a farther climb。
A faint breeze stirred past the white coquina wall； and Margo saw a slight flutter of blackness that represented the folds of a cloak。
The climber was The Shadow！
Boldly； almost openly； he was trying to reach the darkness of the balcony above； but to manage it； he would have to swing outward； into plain sight； should anyone else stare upward。 The police by the cab might miss sight of him； they were close to the wall and still talking to the driver。 But Margo's friend by the hedge had a perfect angle from which he could spot The Shadow。 Margo's own stare up to the balcony certainly wasn't helping matters。 If she kept it up a few moments longer； the cop would probably wonder what she was looking at。
The one thing to do was get her mind off The Shadow； and carry the officer's attention； too。 So Margo tossed away the cigarette； kicked off her slippers； and tightened the bathing cap。
She walked to the springboard； stepped to the far end of it and poised； preparing for a swan dive。 Her eyes raised and automatically she saw the lighted windows； where Durez and his friends were entertaining their guests。
She even caught the sound of their rising voices。
Then！
Margo never took the swan dive。 She was frozen where she was by the sudden thing that occurred in the rooms above。 Light and gaiety ended together。 With a single blink； the windows were blotted with an absolute darkness that seemed； by its very pall； to smother the babble which ceased as the blackness came！
With that blot that foretold immediate crime； Margo lost her last chance to spot The Shadow； as he swung out to pull himself up over the balcony rail！
CHAPTER III
DEATH GOES RAMPANT
THE last moment of light in the third…floor suite showed a scene that could not be viewed from below…one which presaged the horror that was to be when the illumination ended。
On tables and chairs in the center of the room were the coffers that had e from the armored truck； open for inspection by the bankers。 The smaller coffers were by far the heavier； for they contained gold； in coin。 Gold from the treasury of Centralba； stored up through years： governmental proceeds from such modities as oil； bananas； and mahogany。
The former president； Francisco Peridor； who still called Centralba by its old name； had done well for his people。 All the results of his economics had reached the hands of Luis Castenago； the present dictator。
These funds in gold； plus the American currency that swelled from the larger chests； were payment from Castenago to Durez； and others； who had fattened on private concessions； now the dictator's property。
But Durez and the rest were more than satisfied； as their laughter told。
Their mirth had simply increased when they saw the two American bankers stare in awe at so much wealth； particularly the gold。
Then the scene of pelf was vanished in a trice！ Not even the gold could glitter in the blackness that came when the lights went off。 The blackout could mean but one thing： a threat that produced absolute silence。 Someone was after the spoils that Castenago had yielded！
In the pitch…darkness； men trembled。 Durez and his associates； fresh from a land where death could occur at the mere snap of a dictator's fingers； had thought themselves safe in this healthier clime where law had prevailed。
True； they had heard that criminals could strike in such cities as Miami； or the Beach； but they had been jesting on that very point when they mentioned the terrorism that prevailed in Centralba。
Jests were over。 The menace was here。
A voice spoke from the doorway。 Its rasp was crimeland's edition of a dictator's harsh demands。 The tone belonged to Murk Wessel； big con man； who had switched from his more subtle specialty to outright banditry because of the profits involved。
〃Anybody that moves gets croaked！〃 assured Murk。 〃That dough is going out of here； and nobody stops it！ Savvy？〃
This wasn't like Centralba； where the military police stepped up in daylight and marched their victims off to prison； with the promise of a mock trial that would mean a firing squad at dawn。
Here； things happened in the darkness； where accusers didn't even show their faces。 Men of crime didn't believe in trials； even of the mock variety。
Death's promise was immediate。
The stir that followed made all hearers shudder； thinking that some of their fellows had foolishly moved。 But the motion came from Murk's confederates。 They were groping for the coffers； and they reached them。 There were slams as the lids went shut。 Lugging their burdens； the crooks started out。
Even then； Murk's raspy tone was adding reminders。 There was no telling how many more of his tribe stood present。 Durez and his rades still trembled； as did the bankers。 Each felt sure that a gun had been trained upon him just as the lights vanished； and that its muzzle still threatened death。
TWO men in the room were steady。 They were two members of the Beach police force； the pair that Murk hadn't seen go out。 They weren't budging for the present； because the time wasn't quite right。
They wanted to get at the crooks when the exodus started； so they were gauging their wait for Murk's voice。 It wouldn't do to start shooting while helpless men were involved。 Besides； the police felt they could count on support。
They were thinking of the private dicks who had e with the bankers。
They didn't guess that those two supporters had already sold out to Murk； and had guns ready； not for the crooks； but for the police themselves。 This was a set…up made to crime's order； and it went even deeper。
Murk revealed its depths when he spoke again。
〃Some light out there in the hall；〃 he ordered。 The light came； enough to show guns but not faces； for Murk and the two men with him had their backs to the wall。 〃Now； let's look this over。 Good！〃 Murk turned； very slightly； muffling his face。 〃e in； the rest of you。 You're needed。〃
It wasn't a bluff。 Two men eased in from the hallway； along which the precious coffers had departed。 They were experienced gunzels； these； for their crouch； the handling of their revolvers； proved it。 If Murk had shouted his intention； it couldn't have been more plain。 He was doing things as they weren't done even in Centralba。
Murk intended to follow up his gigantic robbery with an absolute massacre！
It drilled home to Durez and his patriots。 It even gripped the trembling bankers。 Most of all； it stirred the two local officers。 Quickly； their hands went to their guns。 They hadn't any idea that they were slated to be shot in the back； that their own actions would be the signal for a plete slaughter。
That was recognized by only one person opposed to crime； and his response was singular。
He laughed。
Strange that a laugh should have changed the case entirely； but that was because the laugh itself was strange。 It came as a mocking challenge to all men of evil； a taunt that they recognized as a threat of doom to themselves。
Sinister was that mirth from the doorway to the open balcony； where its author was visible only as a wavering shape against the slight moonlight reflected into the room。
It was the laugh of The Shadow！
Murk's rasp was the lead tone in a chorus of snarls as crooks； one and all； wheeled toward the spot w