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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 where The Shadow had entered。 Even the traitorous private detectives betrayed their hands。 They swung from the officers they covered and aimed for the balcony； too。
Guns volleyed with a thunder that rattled the windows； blasting straight toward the weaving target that the killers saw。 Blackness swayed； but remained。
Again； The Shadow laughed！
The phenomenon produced a panic。 Crooks were springing about； madly seeking the door； prepared to bowl Murk Wessel from their path。 The Shadow could have picked them off with rapid shots； right then； if the two police officers hadn't flung themselves into the tide。
Durez and his rades； revolutionists by choice； were flinging themselves forward； too。 Yet The Shadow could have overe those handicaps。 The real trouble came from another source。
A door slashed open； throwing a flood of light into the room。 It was a connecting door； and the man who flung it wide was Colin Nayre； the only person absent from the conference。
THAT path of glow across the room showed the target that Murk's crew had riddled； but hadn't hurt。 The thing was a hanging curtain at the balcony door。
In entering； The Shadow had drawn it out so that the wind could stir it。 He had been moving from the doorway when he laughed。
At present； The Shadow lacked his former advantage。 Nayre's opening of the connecting door caught the cloaked fighter in the worst possible position。 The Shadow was dodging across the room； hoping to outflank crooks before they reached the hallway。
Murk's harsh shout was scarcely necessary； for the rest saw The Shadow； too。 Madly； they aimed for him as he wheeled back from the light。
The Shadow was gone； but guns were ripping； cutting a wide swath through the only area where he could be； shots aimed from three to six feet from the floor； sure to catch a whirling target； wherever he might be。
The throats of guns had shouted crimedom's cry； with bullets to back it：
Death to The Shadow！
CHAPTER IV
WAYS OF FLIGHT
THIS time； there was no responding laugh as the echoes of the volley faded。 Instead； the bursts of guns were everywhere。
The two policemen； relieved of the traitors who threatened them； were springing upon the crooks； shooting as they came。 They were yelling for others to get clear； and the bankers were heeding their advice。
Durez and his patriots were not。 They were thinking of their gold； and forgetting something else： namely； that Murk had given the order for their death。 Grabbing for guns； the Centralbans were getting them from the muzzle end； with bullets as stingers。
An odd thing was happening deep in the room。 The two private…detective traitors had turned and were looking at a figure on the floor。 It should have been dead； but it wasn't。 The Shadow was ing up； alive； and they knew why。
He hadn't whirled away； he had taken a headlong dive； ahead of the barrage！
Rolling on the floor； The Shadow had been below the range of bullets。 He'd flung himself right out of the battle because there had been no other way； but in a few seconds more he would be back in it； unless these two prevented him。
Maybe they had thoughts of a bonus； as they aimed for The Shadow。 Extra pay for treachery that they were never to collect。
A gun spoke from the floor； the one gun that The Shadow could use at that moment。 It clipped one of the aspiring traitors and felled him； but left the other with an opportunity。 The fellow didn't have time to use it。 Another gun spoke。
It wasn't The Shadow's second automatic； it was a revolver drawn by Colin Nayre。 He； too； had seen The Shadow's roll。 Nayre's target was the second traitor； and he dropped the man whose aim The Shadow couldn't have stopped alone。
There was no time to exchange pliments。 On his feet； The Shadow was wheeling out through the room； passing the unscathed bankers in their corners； and the two officers； they had halted； wondering whether to pursue Murk and his mob； or stand by to fight off a counter…attack。 The Shadow cleared sprawled figures…two thugs and two of Durez's panions； who had gone down in a deadlock。
He was in the hallway。 Ahead was another of the fugitives from Centralba； dead through his own folly。 Murk Wessel was struggling personally with Jose Durez； trying to drag the money…mad colonel into the elevator； where two of Murk's men were ready with their guns。
The Shadow sent a laugh along the hallway； a tone that almost woke the dead with whom the criminals thought he was already numbered。
Sight of the black…cloaked avenger was too much。 Murk gave Durez a fling； which wasn't difficult； considering that the man was already wounded。 Then； with a dive； Murk was in the elevator and his men were trying to slam the door。
Sudden was The Shadow's stop； straight his aim。 He wanted to put three bullets in that elevator before the door slammed： one apiece for the men inside。 It was Durez who prevented it。 Still on his feet； t