The story opens with a newspaper notice to the effect that Demarest, noted counterfeiter, is again in operation. Fanny Turner, a girl reporter, is assigned to get the story, at the same time that Grayson, one of the best in the U.S. Secret Service, is also assigned to “get” Demarest. Through fate, Fanny Turner and Grayson meet in a restaurant at which Hortense, one of the band of counterfeiters, has come to pass some of the “phoney”‘ money. Through a picture of Demarest that Fanny has in her possession, Grayson at first is led to believe that she is one of the band, but sufficient explanations show that she is a reporter, and he leaves the restaurant much abashed at his error. Hortense has given the waiter a bill with which to pay her check and he has taken it to the cashier. Here the bill is discovered to be spurious, and Hortense, realizing that the game is up, makes a dash through an open window to liberty. On the street she lands on top of policeman O’Mally, knocking him to the ground, just as Fanny, who, having scented game, rushes from the restaurant in time to swing on the rear of the automobile in which Hortense is escaping. O’Mally makes a futile try at capturing the car, but fails. He, however, finds one of Fanny’s cards, which she has had presence of mind enough to drop. At every block or so she continues to drop one of her business cards, thus leaving a trail to wherever she is going. Meanwhile, Grayson, in search of further information, has gone to police headquarters and arrives there shortly after Officer O’Mallv arrives, telling the chief of the evening’s escapade. Grayson sees the card, compares it to the one which Fanny gave him in the restaurant and immediately deduces that she is on the trail of the counterfeiters. With the chief’s permission, O’Mally shows Grayson to the spot where he found the card. After many hours searching down side streets and by-ways. Grayson finally arrives in front of the saloon in which the gang operates. Here he finds another of Fanny’s cards with the note “in here” written on it. Realizing that he is powerless to act that night he leaves, returning the next morning, representing himself as the telephone repairman come to fix the telephone (the wires of which he cut the previous evening). Casey, the proprietor of the saloon, does not suspect anything and shows Grayson to the basement. Here Grayson finds the telephone wires (which he has already joined) and also parts of a speaking tube. Thinking he hears voices, he listens carefully, and hears Casey upstairs talking to the crooks on the other side of the stone partitioned basement. He cuts the speaking tube, stops up the ends of the mouthpiece with rags and then taking a pocket phone from his pocket, cuts in on the line and telephones for help. Fate enters here; Casey, upstairs, knocks over the phone. Thinking that perhaps it is fixed, he listens and hears Grayson talk. When Grayson returns to the room there is a fight, in which Grayson is successful, after which he makes Casey show him the method of entering the basement. He leaves Casey bound, but not tight enough, for a minute or so after he (Grayson), reaching the basement rendezvous, and has the crooks all rounded up, Casey enters and they get him. They then plan a fiendish revenge on Fanny and him, in the shape of a bandage containing two rubber cups filled with powder, the fuse of which they light, leaving them with the fuse burning. Meanwhile the police have arrived and as Demarest and the rest of the crooks exit from the basement entrance, they are all captured. The officer in charge enters the basement and snatches the bandages off Grayson’s and Fanny’s eyes just as they explode. The story ends with the capture of the crooks. Then follows a close-up, showing Grayson’s hand placing a solitaire diamond ring on Fanny’s hand, a novel way of showing that the adventure ultimately lead to their engagement.