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； the foolhardy colonel flung himself right into the closing doors； blocking The Shadow's aim pletely。
Guns ripped； but not The Shadow's。 They were revolvers belonging to Murk and his lieutenants。 They riddled Durez； flaying his dead body out from the doors； which promptly slammed。
Yet； in that last moment when Durez sagged away； The Shadow poked a shot between the three…inch space； to find one of Murk's lieutenants straight through the heart。
Speeding along the hallway； The Shadow found a stairway and started down。
Things had been happening in instants； upstairs； so rapidly that the police from outside were just getting into the hotel。 The Shadow passed them like a streak of light； as he saw the rear stairway to the garage。 A few of the police followed him。 Others dashed upstairs。
IN the garage； Murk and his one remaining lieutenant jumped into the rear door of the armored truck。 There was a driver at the wheel； and they were telling him to get started。
No one had been worrying about the truck while it was empty； hence crooks had taken it over easily。 The driver had to do what they told him； and the coffers were all on board； but one detail was forgotten： the garage door wasn't open。
Purposely； Murk had left that to the final moment； so the police wouldn't expect the ing flight。 But The Shadow wasn't allowing the final moment。 He was aiming for the rear door of the truck as Murk dived inside。
Hurdling the coffers； Murk flattened beyond them； they stopped The Shadow's shots。 The driver； responding to the menace of guns； spurted the truck right through the garage door； which smashed apart like pasteboard。
An ordinary car wouldn't have had the weight to acplish that little feat； but the truck was as heavy as a fair…sized army tank。 All that The Shadow gained was a nice wide exit through which he could dash on foot。
As he came out； he saw the taxicab that had brought him from the airport。
The driver； stiffened at the wheel； didn't know what to do。 The Shadow sprang into the cab and told him。
THINGS were happening elsewhere。 Up in the room where the battle began； one man was fighting off a pair。 The one man was Colin Nayre； and he was struggling with the two policemen who had been in the fray from the start。
They had quite the wrong idea regarding Nayre。 They thought that his chance opening of the connecting door had been intentional； and they wanted to hold him to account for it。 After all； Nayre didn't quite belong to the Durez faction…a point which the bankers were shouting aloud。 He'd been ruled out of the business conference by Durez。 Maybe he'd sold out； the way the two private detectives had。
Only The Shadow could have testified in Nayre's behalf； and The Shadow was gone。 So Nayre； thinking that The Shadow perhaps had fled from a misunderstood situation； decided that a quick out was his course； too。 Flinging the two officers aside； he dived for the balcony just as other members of the Beach force came plunging into the room。
All during the cannonading on the third floor； Margo Lane had undergone a flood of reactions。 First； she had stood petrified on the diving board； then； knowing that The Shadow must be in the thick of things； Margo had wondered what she could do。
She had hesitated； worrying about the police outside； particularly the guardian of the hedge； until she realized that the battle must have attracted them。
Dashing from the shore end of the spring board； Margo reached the hedge and pushed through it； to her car。 The keys were in the lock； where she had left them just to show the too…suspicious cop that she trusted him。
All the while； Margo was darting looks up to the balcony； expecting to see The Shadow e out by the route which he had used for entry。 She only hoped that his exit wouldn't be a tumble。
A terrific crash distracted her。 It was the armored truck； smashing out through the garage door。 Margo didn't see The Shadow follow； for she was looking upward again。 Not sighting The Shadow made her magnify his plight； and she star