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Slip Mahoney tells the story of how he and fellow Bowery Boy member Sach have come to be beaten up and left in a passageway at a metal works: After Slip and Sach, copy boys at New York's Daily Chronicle , learn that their friend, police detective Gabe Moreno, has been shot during a payroll robbery, they round up the rest of the gang and visit the recuperating Gabe in the hospital. When they discover that another officer friend involved in the payroll shootout has died from his wounds, Slip and Sach get permission from their editor, Jim Cobb, to do some investigating. In a pool hall, the amateur sleuths encounter gangsters Johnny Mutton and Bertie Spangler and their boss, Angles Carson. Slip and Sach earn the crooks's respect when they are subjected to phony arrests by officer friends of Gabe. Later, after Angles and his stooges, known as the Loop Gang from Chicago, commit another robbery, Slip and Sach learn that the gang killed one of their own men, Bertie, because he bungled an assignment. Eventually, Angles takes Slip and Sach to meet the big boss, Carver, a young, intellectual type, and he agrees to work with Slip and the boys, who he assumes are tough gangsters. Carver is impressed, too, when he unexpectedly pays a visit to Louie's Sweet Shop and thinks it is a cover for their activities. Later, Slip and Carver discuss holding up the Gotham Steel Works the following evening. Slip relays the information to Gabe, who tells works president Johnson about the planned holdup in front of his auditor, Roger T. Harrison, who also does audit work for the Chronicle . Gabe arranges an ambush, but while the gangs are waiting to leave, Carver reads a coded message in a Chronicle comic strip, which states that the police have been tipped off about the steel works heist, and that the Beacon Machine Works job is on instead. Slip tries to phone editor Cobb, but is distracted by Carver's flirtatious girl friend, Vickie Darwell, whom Carver then slaps. At the machine works, Carver decides to break open the safe, giving Slip a chance to phone Cobb, who is talking with cartoonist Martin Lovell and Harrison. After Lovell leaves, Cobb calls Gabe, who heads for the machine works with his men. However, Lovell arrives there first and tells Carver that the police are on their way, then fingers Slip and Sach as the informants. A brawl breaks out, during which the gang beats up Slip and Sach, and Lovell is shot. The police then arrive and arrest the gang, while Gabe goes after Carver and shoots him. After Slip and Sach are hospitalized, Gabe tells them that Harrison has also been arrested and that they are heroes.