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A man rushes from the San Francisco airport to Jake Bello's nightclub to deliver some stolen bonds, cautioning Bello to get rid of them quickly because he suspects that he is being followed by detectives. Later socialite Arlene Bradford arrives at the club with her fiancé, Spencer Carlton, and her stepsister Val. Everyone greets Arlene, who used to be a regular at the club, but who has not been going out much since her engagement. While reporter Tony Sterling sits down at Arlene's table, Bello transfers the stolen bonds to Arlene's car. At home, Arlene removes the bonds and puts them in the safe. Everett Bradford, Arlene's stepfather, accuses her of having "bad blood" just like her mother, but Val leaps to her defense. Angry at Bradford's lecture, Arlene leaves the house and goes directly to Bradford's office, where Spencer works. When she hands Spencer the latest batch of bonds, he begs her to return them, but she talks him into selling the bonds one more time. Later, detectives arrive at the Bradford house to look for the bonds. Thorne, the butler, listens in on phone conversations and overhears Arlene make a date to meet a man. She then returns Spencer's engagement ring to him in a letter and packs a bag. Bradford summons Spencer to the house, revealing that they have discovered his involvement in the bonds racket. At Bello's, Arlene announces that she is finished with the racket and he threatens her. Uncaring, she leaves for a rendezvous with Mayard, the Honolulu manager of Bradford's company and the instigator of the racket. He asks Arlene to return his love letters, saying that he does not love her anymore. She insists that she is going to the Hawaiian Islands with him. At home, Val hears the house elevator and, expecting Arlene, runs out to look for her. Seeing no one, she returns to her room. After she hears the elevator a second time, she and Thorne investigate. They discover Arlene's car in the garage and see a taxi pull away. The next morning, Val finds a note from Arlene saying that she has left home. Val is determined to find her stepsister and calls Tony at the paper to ask him to keep the story quiet. Despite Val's request, the news hits the papers and she blames Tony. He and Izzy, a photographer, meet Val in the garage, but she will not talk to them. After Izzy finds Arlene's body in the trunk of her car, Tony calls Val on the house phone. When she again refuses to talk to him, he phones the story in to the paper. Val then receives a telegram, signed by Arlene, asking her to bring the car and the envelope with her letters, which she had given to Val for safekeeping. Unaware that Arlene is dead, Val drives to the meeting place and is captured by Bello and his men. The police lose Bello's boat in the fog. Later, they discover that Spencer has committed suicide and learn that Arlene has left her possessions to her husband, Arthur Burchard. Tony and Izzy find Bello's yacht and the harbor detail finds his body. Now the police suspect Bradford. Thorne reveals that he is a secret service officer working on the stolen bonds racket. He recognizes Mayard's voice and identifies him as Burchard. Val is rescued and explains that Arlene's letters were written in a code that implicated Mayard. The murder solved, Tony proposes to Val.