Slip Mahoney (Leo Gorcey) and Sach (Huntz Hall) are working as runners for a New York brokerage firm owned by David J. Thurston (Selmer Jackson, and the name is Thurston as in Thurston.) Carol Thurston (Wendy Waldron, and the name is Thurston as in Thurston, no matter what Selmer Jackson's handwriting looked like) is romantically involved with Gabe Moreno (Gabriel Dell), a crusading television producer.
David Thurston is found dead and the coroner's ruling is suicide. Slip isn't buying that, snoops around Thurston's office, and discovers a matchbox and pair of dice carrying the insignia, "The High Hat Club." Slip engages a spiel artist,Wellington J. "Buffer" McGee (Harry Tyler), to teach him, Sach and their friends, Butch (Buddy Gorman), Chuck (David Gorcey)and Whitey (Billy Benedict)how to beat all games of chance.
Slip, posing as "Slippery" Mahoney, and Sach as Sacramento Sach obtain jobs at the dice table of "The High Hat Club,", operated by Bruce McDermott (Lyle Talbot) and "Countess" Margo (Hillary Brooke), and they bring in their friends to operate the card tables. Moreno, aided by information supplied by Mahoney, launches a campaign against McDermott, and has City Councilman John Martin (Harry V, Cheshire)aid him in his fight.
Slip discovers a canceled check for $120,000, signed by Thurston, in McDermott's desk. A young millionaire, Andrew Stone, III (Glenn Vernon), is killed in a brawl with McDermott, but the latter is exonerated after making a mysterious call to to a higher-up in the racket. Slip and the Boys, with the aid of assistant District Attorney Tom Whitney (Douglas Evans), discover the higher-up is the man any viewer has already pegged as the higher-up, simply on the basis that the Gabe Moreno character is never as smart as he pretends to be in this series.
Made with the usual mixture of melodrama and comedy this series had under producer Jan Grippo, who stayed with the formula Sam Katzman used before the East Side Kids became the Bowery Boys and, as such, is better than the straight buffoon, slap-stick entries later produced by Ben Schwab.
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