Seven Soldiers of Victory [Green Arrow [Oliver Queen]; Speedy [Roy Harper]; The Crimson Avenger [Lee Travis]; The Shining Knight [Sir Justin]; Vigilante [Greg Sanders]; Star-Spangled Kid [Sylvester Pemberton]; Stripesy [Pat Dugan]]; Wing; Handsome Harry (villain, introduction); Shifty (villain); Sam (villain); Bull (villain)
Handsome Harry goes out to survey his criminal domain, but has to return home for his "lucky hat." When the Law's Legionnaires capture his mob, Harry escapes, but his hat blows away...a hat that will weave a different story for each person into whose possession it will fall.
The Star-Spangled Kid [Sylvester Pemberton]; Stripesy [Pat Dugan]; Mr. Pemberton; King-Pin Kong (villain, introduction); J. Billington Biker (villain, introduction)
Banker Biker just so happens to purchase the runaway hat, but soon agrees to a scheme with King-Pin Kong to knock off his own bank and split the take with the felon. They are apprehended, but the hat remains at Biker's mansion, thus bringing bad luck to him.
The Vigilante [Greg Sanders]; Gas-Pipe Grogan (villain, introduction)
The hat now falls into the possession of Gas-Pipe Grogan, who has just purchased Biker's mansion. Grogan comes upon the idea of being the sole provider of salt to restaurants, who have to pay his price or do without. But when the Vigilante overhears the crooks trying to avoid paying their fair share of taxes on the scheme, he steps in to halt the racket...but the hat blows away.
The Crimson Avenger [Lee Travis]; Wing; Mr. Chumley; Bozo (villain, introduction)
The hat now falls into the hands of a criminal named Bozo, who recognizes it at once as belonging to Grogan. However, he leaves it in a barbershop, and it is picked up by Lee Travis, who changes to the Crimson Avenger to investigate its owner, who is trying to take over an antique store by convincing the owner that he doesn't know him. After stopping the plot, Travis throws the hat into the trash.
The Shining Knight [Sir Justin]; John Harrison; Mary Harrison; Jimmy Harrison; Bopper (villain, introduction); two unnamed convicts (villains, introduction)
By a trick of fate, the wind blows the hat onto the roof of an inventor's home and is spotted by a group of crooks who just escaped from prison. When the crooks over-power the inventor, it's Winged Victory that takes the hat off the roof and uses it to confound the crooks and allow for their capture. The hat, however, is discarded and lays in wait to play a role in the fortunes of someone else.
The Green Arrow [Oliver Queen]; Speedy [Roy Harper]; Wilbur Timmins; Mary Lou Timmins; Mr. Jordan; Akers (villain, introduction)
The hat is found by the son of a first class second-hand clothes store owner, who places it on a dummy out in front of his store. The hat and dummy all are bought by a financier, who leaves the dummy at a board of director's meeting after he resigns, but is stopped at the door by some toughs who want the stock certificate in the company. The battling bowmen stop the scheme, but the whereabouts of the hat seem to be unknown except by the financier.
Handsome Harry is out camping and spots his "lucky hat" floating down the river and retrieves it, only to find the financier's stock certificate inside. He opens a "Haven for Homeless Hoboes," and later a "Hobo College," all funded by money that Harry steals from people who donate to his cause. When Harry and his mob are arrested, they are freed on a technicality, and the Legionnaires have to find a legal way to put Harry behind bars. The hat? It becomes a nesting site for birds after Harry tosses it away.