August 28, 1938
Lamont Cranston goes back to his alma mater for graduation day. Lamont is looking forward to seeing his old friend, Professor Quelema. He is unpleasantly surprised to hear that Prof. Quelema has been summarily fired.Quelema has been fired for a good reason. It seems a student, Bobby Spencer, killed himself thanks to following Quelema's nihilistic philosophy—in fact, Quelema basically egged him on. Lamont drops by Prof. Quelema's home to offer moral support but quickly discovers that something is very very wrong with his own friend. So he comes back as The Shadow in order to stop Quelema's quest for revenge.