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At an awards ceremony for the Red Checker Taxicab Company, vice-president Eddie Corbett tells his girl friend, Lucy Gibbs, the story of how he and president Tim McGuerin started out together years before: Eddie and Tim take turns driving their company's single cab, until one day a drunken passenger insists they both accompany him to a burlesque show where beautiful Sadie O'Brien dances. Tim falls desperately in love with her, as does club owner Glorio, who is hiding his past as notorious gangster The Frisco Ghost. When Sadie falls in Tim's lap by accident, he manages to grab her garter and hangs it from his rearview mirror, where she sees it when she takes his cab a few days later. Unaware of her identity, Tim rhapsodizes about the garter's owner, and eventually she reveals herself and kisses him. Although Glorio tries to woo Sadie with diamonds, she prefers Tim's gentleness, causing Glorio to grow jealous. One night he follows Tim and Sadie to the garage, where Tim is showing off his treasure, a second cab that, as yet, has no engine, and assumes that the two have been intimate. In revenge, he frames Tim and Eddie during their baseball game, planting illegal alcohol and guns in their car and tipping off the police. When they are arrested, the gun is found to have the fingerprints of The Frisco Ghost on it, and the police attempt to force Tim and Eddie to talk using water torture, the sound of which only serves to exasperate the police. Meanwhile, Sadie asks Glorio's goons to procure a cab engine so she can surprise Tim with it, and after a released Tim drives to her club, the thieves mistakenly steal the engine from that cab, then secretly install it in his second cab. As Tim confesses his jailbird status to an amused Sadie, Eddie rushes to tell Tim and Sadie that the second cab is, miraculously, working. Just then, Glorio arrives, pursued by the police, and after a gunfight, Tim throws a wrench at Glorio and apprehends him, thereby earning the $10,000 reward for catching The Frisco Ghost.