During a parade by the Loyal Order of Leopards, a bank robbery erupts just as Detective Gahagan rushes to call his boss, Steve McBride. Moments later, the sharp-witted reporter Torchy Blane—Torchy Blane—arrives on the scene and immediately begins her own investigation, irritated to find another reporter ahead of her. She spots a lodge button wedged in a teller’s cage and, with a keen eye for a scoop, files a story for her newspaper, already thinking of how to outpace the rivals.
Determined to beat the competition, Torchy convinces Steve that the thief will travel with the Los Angeles Leopard delegation through the Panama Canal, planning to exchange the stolen money outside the country. When Steve departs on an ocean liner, Torchy refuses to be left behind and devises a daring plan to board the ship. She parachutes into the sea and is rescued by the liner, where she begins quietly grilling the Leopards and gathering clues. On board, her attention lands on Stan Crafton after Detective Gahagan reveals that Crafton did not know the secret Leopard handshake, a detail that makes him a suspicious target in this high-stakes chase.
A thorough search of Crafton’s cabin yields little, but the tension thickens when Crafton notices Torchy leaving his room with Steve. Realizing he’s in danger of exposure, Crafton quietly makes a move to flee the ship in Panama with the money, stashing the cash inside a stuffed leopard mascot for safekeeping. Torchy inks her next move, following Crafton as he tries to slip away, and she leaves a note explaining the situation for Steve so he can piece together the truth from the airline records and passenger lists.
As the ship finally docks on the far end of the Canal, Steve hurries back to pursue the trail, while Crafton scrambles to complete his risky plan. Torchy keeps close tabs on the suspect, intent on preventing the theft from succeeding. Crafton’s gamble is risky, and the tension mounts as he confronts Torchy, hoping to silence her before she can reveal his scheme to the world. The chase culminates when Steve spots Crafton’s desperate move and intervenes, firing to stop him after discovering Crafton’s intent to run with the money.
In the aftermath, Gahagan teams up with Torchy to push the story forward, turning the bank-heist case into a front-page revelation. The case strengthens their bond, and Steve’s professed commitment to Torchy comes into sharper focus as he proposes again, signaling that their partnership—both professional and personal—has weathered another perilous mystery and will continue beyond this case.
