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When jeweler Milton Devereux is killed and a collection of diamonds is stolen, reporter Torchy Blane is assigned to the case. Her fiancé, policeman Steve McBride, is investigating the case, so Torchy tags along as he hunts for the murder weapon. Using her reporter's instinct, Torchy finds the gun hidden in a drainpipe in the alley behind the store. Torchy learns that Devereux had quarreled with Sonny Croy, the son of a rival newspaper owner, over a loan, and that Devereux had threatened to tell Sonny's father that he was living beyond his means. She also learns that during the time Devereux was murdered, Croy was at lunch with Guy Allister, Devereux's partner. Steve and Torchy question the waiter in the restaurant, and she finds a clue on a menu that leads her to believe that Sonny was planning to leave town after the murder. They trace Sonny to the apartment of nightclub dancer Ila Sayre, who insists that Sonny was on the phone with her at precisely the time of the murder. Sonny explains the notes on the menu by saying that he is taking a zeppelin flight around the world as a publicity stunt. Determined to follow Sonny, whom she believes to be the murderer, Torchy talks her paper into sending her around the world in a race against Sonny and another reporter, Hughie Sprague. When the airship lands in Hawaii, Torchy searches Sonny's room and finds a message indicating that some goods will be exchanged in Frankfurt. Sonny discovers her investigation after finding a lipstick that she dropped during the search. Sonny truly seems to be the most likely suspect for the murder after Ila admits that she did not actually talk to Sonny while she was on the phone, but only kept the line open. When Torchy points out that the back door of the restaurant is opposite the back door of the jewelry store, Steve, who has joined Torchy on board the zeppelin, decides to arrest Sonny. This plan is thwarted when they find Sonny dead and discover that the jewels hidden in the false bottom of his suitcase are not diamonds. Torchy puts together various clues to determine that Allister was the actual murderer, and that Sonny was working for him to pay off his debt. They are puzzled, however, because Allister is not on board the airship. After further investigation, they learn that he boarded the ship using a false name. Allister attempts to parachute off the zeppelin, but his parachute does not open properly and he dies. Torchy gets a bonus for her efforts.