The second and final Grand National Pictures film to feature The Shadow, played again by Rod La Rocque. In this version, Lamont Cranston is an amateur detective and host of a radio show with his assistant Phoebe (not Margo) Lane. Cabbie Moe Shrevnitz and Commissioner Weston also appear.
Lamont Cranston assumes his secret identity as "The Shadow", to break up an attempted robbery at an attorney's office. When the police search the scene, Cranston must assume the identity of the attorney. Before he can leave, a phone call summons the attorney to the home of Delthern, a wealthy client, who wants a new will drawn up. As Cranston meets with him, Delthern is suddenly shot, and Cranston is quickly caught up in a new mystery.
The Phantom Robber gets a fortune in jewels and some valuable papers from a robbery on the crack train "The Midnight Limited" and Val Lennon and his pretty assistant, Joan Marshall, are on his trail. But the Phantom strikes three more times and adds murder to his list. Val decides to use himself as bait, although Chief Harrigan and Joan beg him not to risk his life. But Val, disguised as a wealthy Canadian, boards the train for a rendezvous with a killer.
In the middle of a pictorial lecture on his recent expedition to the Mongolian Desert, Dr. John Benton,the famous explorer, drinks from the water bottle on his lecture table, collapses and dies. His last words "Eternal Fire" are the only clue Chinese detective Jimmy Wong and Captain Street of the police department have to work on.
Cub reporter Daniel Greely gets a job on a big city newspaper. A string of robberies occur and the owner of the paper blames the police for not rounding up the crooks. Daniel discovers that a coded message in the newspaper's editor's box tips the crooks about each robbery.
Jimmy, an idealistic and hard-working young man, has just arrived in New York City with dreams of making his fortune. Along the way he faces numerous obstacles, opportunities and temptations, but through it all, he considers the actions of his hero, Abraham Lincoln, for guidance. Will Jimmy see his dreams come true, or will he be another of the countless hopefuls chewed up and spit out by New York's mean streets?
When two showgirls decide to leave South America and head for home, they sweet talk the purser of a clipper ship into giving them berths. In the course of the voyage, a band of thieves attempts to take over the ship and make off with its cash cargo. The heroic purser has other ideas and weighs in to save the day.