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In an effort to boost circulation of The Daily Register , newspaper publisher John J. Murdock demands sensational articles from his staff. After the managing editor quits in disgust, Murdock appoints reporter Fisher to take his place. Fisher, in turn, assigns beautiful Grace Duffy, head of the paper's morgue file, to the police beat. At a celebratory lunch with her assistant, Marta Frisbie, Grace accidentally meets Michael Lanyard, formerly a notorious jewel thief known as The Lone Wolf, and Jamison, his valet and associate. Grace turns down a date with Lanyard, but Marta, who is charmed by Jamison, makes sure the two men have their phone numbers. Later, at the police station, Grace interviews police inspector Crane. When he learns that Grace is looking for a sensational story, Crane suggests that she interview Lanyard about his life as The Lone Wolf. Lanyard, who is eager to spend time with Grace, readily agrees. While at Lanyard's apartment, Grace gets a call from Fisher, who tells her that the famous Tahara diamond will be on display at the Tanner Gallery and suggests that Lanyard cover the unveiling. That evening, Lanyard, Marta and Jamison go to the gallery, as does Crane, who has vowed to keep an eye on Lanyard. Tanner introduces Mynher Van Groot, the lapidary who cut the Tahara, to the gallery crowd. Later, as Van Groot leaves the gallery, he is kidnapped by two men. Then Tanner receives a bouquet of flowers, among which a gas bomb is hidden, and after the gas fills the gallery, the diamond is stolen. Lanyard follows the thief, who knocks him unconscious, and when he recovers, Crane arrests him. Meanwhile, Marta and Jamison have been talking on the roof of the building. Through a window on the neighboring building, Jamison spots two familiar-looking men, but cannot identify them. After Lanyard escapes from the police, Jamison and Marta are held for questioning. Hiding in a deserted office, Lanyard telephones Grace and relates the evening's events. Learning that Tanner holds him responsible for the theft of the diamond, Murdock then offers a reward for its return. Grace waits for Jamison at the police station, and they return to the gallery to help Lanyard. In the meantime, Lanyard, who has seen the same men that Jamison spotted earlier, crosses to the roof of the neighboring building and sneaks into their office. Jamison, who has also decided to investigate, arrives at the same time as Lanyard, and recognizes one of the men as Steve Taylor, the head of a gang of jewel thieves, who has captured Van Groot and is trying to force him to cut the diamond into smaller pieces. A fight breaks out among Lanyard, Jamison and the thieves, and a lamp is knocked over. When the lights go on again, Jamison throws the diamond out the window, and Grace retrieves it. In the meantime, the police arrive on the scene. Grace announces that she is taking the diamond to the paper, but secretly passes it to Lanyard in order to prove his honesty. Later, Lanyard arrives at the paper and gives the jewel to Grace so that she can claim the reward. When Murdock reneges on his offer, claiming that as an employee of the paper Grace is not entitled to collect it, Lanyard smashes the jewel. He explains that the gem was a glass copy substituted by Van Groot, who hid the real diamond in the false bottom of his tool case. The jewel is returned to the gallery and romance is in the air for Lanyard and Grace and Jamison and Marta.