Torchy Blane (Glenda Farrell) is in the police station when a secret service agent Charles Gilbert (Willard Robertson) ask the police for help in catching "$100 Bailey", a counterfeiter who has eluded police capture for fifteen years and is passing hundred dollar bills. Charles tells detective Steve McBride (Barton MacLane) that he suspects Bailey will pass the money at the racetrack. He recruits the police in a sting operation at the local racetrack to catch Bailey and convinces Steve to let him watch the $100 betting window.