Mysterious fires have been erupting around New York State, fires that seem to have a purpose. The Shadow follows the trails of the enigmatic arsons and faces down the Salamanders, a group of supercriminals who use fire as their weapon of burglary.
- Batman Gambit / Indy Ploy: The Shadow using the Salamanders' own dynamite-filled locomotive to thwart their villainous plot.
- Distressed Dude: Harry Vincent, yet again, is captured by the bad guys, who plot to throw him into a furnace. The Shadow shows up in the nick of time to rescue him. Really, Harry — this is what, the 99th time or so you've been captured by the enemy?
- Kill It with Fire: Essentially the plan of the Salamanders. Their mooks set fires and during the chaos (and before the fire collapses the target building), they steal stocks in a company that the masterminds are trying to control.
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Moment of Awesome: The Shadow riding an out-of-control train filled with dynamite, all the while shooting down the Salamanders who are trying to stop him. It turns out to be part of a plan to stop more innocent deaths. - Morally Bankrupt Banker: Huxley Drune. He's ordering the Salamanders to burgle select buildings that contain shares in a company he wants to control, then has them burn the buildings down to cover up the thefts.
- Stuff Blowing Up: The climax of the story involves The Shadow riding on an out-of-control train full of dynamite almost up to the moment it rolls into a burning depot. This was his plan -- blow up the depot, and the fire wouldn't spread to a nearby tenement row that was threatened.
