With issue 32 (November, 1938), Adventure Comics finally adopts the title it would become famous under. The covers remained generic, and once again there was no change of content to match the change of title.
This issue contained chapters of the following serials:
Tod Hunter, Jungle Master
Rusty and His Pals
It also saw the beginning of a 5 part storyline in the Federal Men series.
Steve gets trapped in a burning house while trying to rescue a fugitive, and though he survives the house’s collapse, he loses his memory. Discovering a gun in his pocket, he believes himself to be a criminal. He winds up joining the Biff Davis mob, but after stopping Biff from shooting a cop (which results in Davis being shot and killed), he argues to the gang that he did it for their benefit, to prevent them from being pursued as cop killers. He becomes the new boss of the gang, and leads them on a series of bank robberies in which they use knockout gas to incapacitate the tellers and guards, gaining his crew the nickname the Phantom Gang. Ralph Ventnor is assigned to the case, as Steve informs the gang of his plans to pull of a $40 million gold robbery. One of the gang members, Red, gets caught trying to rob a jeweler, and tells Ralph he is part of the Phantom Gang. He is released to be an informant, but instead tries to set Steve up, plotting to kill Ralph and frame Steve for it, taking over the gang in time to pull off the gold robbery. Ralph recognizes Steve, and Steve’s memory returns in time to thwart Red’s plan, and the gang gets apprehended. Great story.