A ripping good yarn from The Shadow's early days. Four stars because the character was still developing and remained largely absent from the story aside from key moments, making this more of A Harry Vincent Adventure with The Shadow functioning mostly as his deus ex machina and occasional guide from afar. Nothing wrong with that, it's an entertaining story with all the 30s atmosphere, prowling in the night, secret messages, adventure by flashlights, and plotting that I love in these, but I do recall preferring the later stories I read in my youth, where we get to watch The Shadow operate more, rather than having him be a mystery to us almost as much as to everyone in the story.
I knew going in that this is a pre-Margo story, but it occurred to me as I neared the end: I think there is literally not one woman in this entire story. I don't think one is even mentioned. No female players in the plot, no wives present (that I recall) at a social gathering, and if Claude Fellows had a secretary or the diner in Pennsylvania had a waitress, she was never mentioned. I guess it might not be surprising (45 years later look how few women there were in Star Wars), but reading this in the 21st century it becomes very conspicuous that we're having an adventure in a world populated only by men.
These are 90 year old pulps so I grade them very easily. Some clunky dialogue and frequent expeditious exposition, plus an ending that felt a little quick and anti-climactic, also influenced my decision to call this a four star tale, but it should be noted that if I were judging this as fine literature it would be a two or three star story, though an entertaining one nonetheless. It left me looking forward to the next one.