Color cover painting by Steranko of the Shadow cradling an unconscious blonde.

From the back cover:

One by one, the city's most prominent citizens fell prey to an ingenious and macabre series of murders. A mysterious, pitiless agent of evil on a single-minded mission of destruction was at work - a terrible power whom hapless victims, in their last living moments, came to know and dread as the Fingers of death. Authorities grew more baffled as the ring of horror spread ever wider. One man and one man alone could penetrate the veil of secrecy and reveal the grim living presence behind those murderous fingers. A man more spectral than night itself, a phantom in a dark slouch hat and flowing cloak, whose eerie laugh of triumph sowed terror in the hearts of criminals everywhere--The Shadow!