After a bank robber double-crosses his partners and keeps the $50,000 payoff for himself, he's murdered by a mysterious umbrella-toting man. When Slip Mahoney (Leo Gorcey) and his pal Sach (Huntz Hall) discover the abandoned loot in the street, their reporter friend, Gabe (Gabriel Dell), writes a story that brings the Bowery Boys to the attention of the foiled bank robbers. But the man with the umbrella keeps picking off the robbers one by one as they try to recover their cash.
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