Ken Williams is determined to discover the identity of the mysterious Rattler, who preys upon railroads and transportation companies like that owned by Jane Corwin. The Rattler is especially difficult to catch because of his skill at disguising himself as other people.
A murderous gang of counterfeiters has kidnapped the government's best engraver and is forcing him to print virtually undetectable phony money. The Secret Service sends its toughest agent, Jack Holt, and a female partner after the gang.
The California-Yucatan Railroad, being built for the good of Mexico, is under siege by a gang of terrorists hoping to force its sale; no one can prove their connection to profiteer Marsden. Manuel Vega, aged co-owner, calls in the aid of his nephew James, great-grandson of the original Zorro. Alas, James seems more adept at golf than derring-do; but after he arrives, Zorro rides again! Can one black-clad man on horseback defeat a gang supplied with airplanes and machine guns?
Secret Service Major Steel (Joseph W. Girard), is one of the few men in America aware of the fact that Captain Albright (Dave O'Brien) is also Captain Midnight, daring masked aviator dedicated to fighting gangsters and enemies of America. When murderous bombing attacks are made on West Coast munitions plants, Steel sends for Albright and asks him to track down the mysterious Ivan Shark (James Craven), the foreign agent mastermind behind the attacks. Shark has learned about an ingenious range finder, invented by John Edwards (Bryant Washburn, and makes plans to obtain a model of the invention. Edwards instructs his daughter, Joyce (Dorothy Short), to bring the model to Albright for safekeeping in his mountain laboratory. Shark takes Edwards prisoner by Albright assures Joyce that her father will be saved and an end put to Shark's reign of terror. Dressing as Captain Midnight and enlisting the aid of his friends, Chuck (Sam Edwards) and Ichabod Mudd (Guy Wilkerson), Captain Midnight delivers on his promises fourteen chapters later.