estate?”

“She would have cause for objection,” stated Dowser, “if you refused the bequest. Moreover, if the money should be held in trust, or administered in your behalf, she would be entitled to a share, at least, in the event of your death.”

“Hm-m-m,” responded Wellerton. “Marriage is an odd thing, isn’t it? I’ve often considered matrimony. It’s a problem. You see, gentlemen” - he paused to look at Delkin and Taussig - “the thought of possessing great wealth annoys me. I had intended to tramp around a bit - perhaps as a vagrant.”

Graham smiled as he made this subtle reference to his homecoming in the town of Southwark.

“However,” added Graham, “the problem of marriage brings me to a dilemma. What would you do” - Graham was looking directly at Delkin as he spoke - “if you were in my circumstances?”

THE question was an excellent one, in consideration of the facts which Delkin knew about Graham, as told today. Indeed, Graham’s mention of Carma had placed Delkin in full knowledge of the most important fact. Graham waited patiently for the manufacturer’s answer. It came.

“I should accept the legacy,” announced Delkin.

Sheriff Taussig muttered an agreement.

It was Delkin’s decision alone that decided Graham. The manufacturer would tell the entire story to his daughter, Graham felt sure. Eunice would know how Graham had deliberately refused to accept tainted millions; then had changed his decision due to circumstances which involved the woman who had forced him into crime. Moreover, Delkin would mention that Graham had left the question up to him.

Graham Wellerton turned to Harwin Dowser and stared squarely into the old lawyer’s shrewd face. Graham’s mind was thinking quickly. The young man realized that, with wealth, he could do good to balance the evil committed by his uncle.

“I accept,” decided Graham.

“Good,” returned Dowser, smiling.

Graham Wellerton sat down and lighted a cigarette. He realized that great work lay ahead. Simultaneously, he could undo Ezra Talboy’s evil work by turning misgained millions into funds spent for philanthropic purposes.

With the same joy, Graham knew that be could frustrate Carma’s claims for wealth. The woman did not know he was in Southwark. By the time she had located him - if that time should ever come - the wealth could be diminished by Graham’s own efforts.

THUS did Graham Wellerton begin his new career. Instead of becoming a wanderer, he had gained tremendous wealth. Only two persons of the past could block him. One, Wolf Daggert, was a fugitive; the other, Carma Urstead, did not know what had become of Graham Wellerton.

There were two others who knew the truth regarding Graham Wellerton. The young man thought of them as he sat alone with Harwin Dowser. Those two were Ralph Delkin and his daughter Eunice. They would never reveal what he had told them, Graham felt sure.

Strange that Graham Wellerton forgot one other! Oddly, his mind failed to consider The Shadow. Dazed by thoughts of wealth, Graham’s brain no longer dwelt upon the unseen stranger who had saved his life the night that Ezra Talboy had been mortally wounded.

Potentially, Graham Wellerton was a crook with millions at his disposal. Although he planned to use his wealth for good, it might reasonably be judged that he would spend the hoarded coin for evil - by any who knew his past.

The Shadow knew Graham Wellerton’s past. The master of darkness had seen the young man’s present, here in Southwark. The Shadow, bound on other errands, had left this vicinity, but his agent, Harry Vincent, still remained, a temporary resident in the town.

An amazing future lay ahead of Graham Wellerton - a career now on the balance point, ready to swing toward evil or good as Graham himself might decide. That fact would not escape the watchfulness of The Shadow!

For The Shadow, master of justice, was one who remained ever vigilant. His hand was one that aided those who strove for right; his same hand was one that struck down all who favored evil.

Well would it be for Graham Wellerton if he persisted in his determination to devote another’s misgained millions to affairs of restitution. Woe to him should he weaken in his mission.

The Shadow knew the past; The Shadow would know the future!

The Shadow always knows!

CHAPTER XVIII

THE PAST RISES

THE next month proved an amazing one to the town of Southwark. First came the announcement of Ezra Talboy’s great wealth - a sum that far exceeded the most extravagant beliefs of those who had tried to estimate the size of the old miser’s hoard. Coupled with that was the remarkable news that Graham Wellerton had inherited the entire estate left by his uncle.

These facts were the beginning of a new era. Even while the estate was still undergoing settlement, Graham Wellerton launched forth a campaign that was bewildering because of its Utopian qualities.

Every worthy representative of charity that called upon Southwark’s new multimillionaire was granted a reception that was more than welcome. Every local institution found itself the recipient of a handsome gift, the greatest being a promise of half a million dollars to the County Hospital.

More than that, the affairs of the Southwark State Bank took a strange turn. Extensions were granted to those who had received loans. Farmers whose mortgages would have been foreclosed were accorded fair treatment. In all his business dealings, Graham Wellerton showed a fairness that surpassed all belief.

Human beings are difficult creatures to convince. Hence Graham’s open methods brought a curious medley of reactions. To many citizens of Southwark and the surrounding territory, Graham Wellerton was regarded as an idol. This was particularly true of those who had dealings - direct or indirect - with the man himself.

There were some who openly expressed the sentiment that Graham Wellerton was a fool. This group included those who were cautious and accumulative by nature, particularly those who profited least by Graham Wellerton’s benefactions.

Finally, there was a shrewd class which looked for a game behind it all - sophisticated individuals who saw in Graham’s prodigal philanthropy the making of a scheme which would some day have a startling development.

Among those who admired Graham Wellerton was Sheriff Ellis Taussig. One who regarded the young man as a fool was old Justice Schuble. An individual in the group who looked for the catch was Harwin Dowser.

None of these three expressed their thoughts. Taussig, hard-boiled and taciturn, showed his admiration by listening to the praises voiced by others. Schuble, solemn in his position as justice of the peace, said nothing. Dowser, as Graham’s attorney, did not discuss his client’s affairs.

As weeks went by, however, Graham noticed the effect which his actions were having upon Dowser. The old lawyer had become a wise owl. Often Graham wondered what was passing in the attorney’s brain. He did not care, for he felt sure that Dowser, a man who handled the affairs of every class of society, was keeping all his thoughts to himself.

GRAHAM saw but little of Ralph Delkin. He met the manufacturer once, in a business way. Delkin appeared at the bank, bringing the three hated notes. Graham told him to tear them up. Delkin refused. He did, however, ask for an extension.

Graham granted it - on his own terms. He told Delkin that if he would not destroy the notes, he could keep them. Delkin promised to do this for a term of three months. Graham let it go at that.

However, the young man kept a careful watch on Delkin’s business transactions and saw that the manufacturer was having trouble. The prosperous era for which Delkin had hoped had been delayed. Graham fancied that there would be another request for an extension at the end of the ninety days. In fact, he would not have been surprised had Delkin asked for another loan.

Several times, Graham was on the point of offering money to the manufacturer. On each occasion he

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