- A criminal breaks into Clark Kent's apartment, finds a hidden closet and steals Clark's Superman costume. The criminal is fatally wounded but not before he takes the costume to hood Ace and his girlfriend Connie. Clark is desperate to find the missing costume.—Bill Koenig
- Johnny Sims (Norman Budd), AKA T-ball, and secretly The Rope Burglar, is climbing down a building via a rope when the police start shooting at him, so he enters the nearby apartment through the window. As luck would have it, this is Clark Kent's apartment, and as even worse luck would have it, he accidentally hits the switch that opens the secret closet. He see's the Superman costume there, takes it, and leaves through the front door. Not long after, a policeman (Robert B. Williams) shoots and hits the burglar. Johnny makes it to the apartment of Ace (Dan Seymour) and Connie (Veda Ann Borg), where he says he has a big deal, then collapses.
Clark has returned to the apartment and discovered that his costume is missing. He has called his friend Candy Meyers (Frank Jenks), a private eye, but can only tell him that someone took "something". Clark was at a doctor's office, getting a physical for group insurance. Candy explains he can't be much help if he doesn't know what was stolen, but Clark won't enlighten him. All he can do is dust for fingerprints. Meanwhile, under insistent questioning by Connie, Johnny reveals that he stole the costume from the Standish Arms, Apt. 5H, then he dies. Ace doubts that this is really Superman's outfit, but Connie shows him that it can't be burned or cut. She explains that Johnny must have taken it while Superman was off being "the other guy", referring to common speculation that Superman has another identity. She decides to go to the apartment Johnny mentioned.
Candy visits Clark to report that the fingerprints belonged to Johnny, who was found dead in a vacant lot. Clark tells Candy to wait as he rushes off to the morgue. Connie arrives, pretending that she's looking for "Mr. Fuller". Candy tells her it's Clark Kent's apartment, but she leaves before he can add that he's not Clark. At home, Ace is more interested when Connie tells him that the apartment belongs to Daily Planet reporter Clark, as that paper is noted for its Superman-related scoops. However, he wants more proof. Still waiting at Apt. 5H, Candy gets a call from Clark, who says the trip to the morgue bore no fruit and he has to spend time at the office. He asks Candy to come back at 8:30. After Candy has gone, Ace and Connie arrive, and Ace picks the lock, finds the closet door switch, and plants a bomb in the closet, intentionally leaving the door open a crack.
That night, Ace and Connie are waiting in their car outside when Candy arrives at the apartment and is admitted by a very frustrated Clark. Candy, passing through the bedroom on his way to the bathroom, notices the closet door open, tells Clark, and goes to the closet to investigate. Clark runs in and pulls him out of the way just before the bomb goes off. Hearing the explosion, Ace and Connie drive home and call Clark. Hearing that he's alive, Ace is convinced and offers to meet him to discuss return of the stolen item. Clark asks Candy to leave, but the P.I. heard one end of the phone conversation and has a notion what's going on. He angrily tells Clark that he'll not be able help him when Clark's the one in the morgue, then leaves. However, he only goes as far as the front of the building, where Connie identifies him to Ace as Clark. Candy tells them he's outside because there were visitors he couldn't get rid of. Ace insists they go back to his place, and Clark sees them drive off. He starts to remove his clothes, then realizes there's no costume under them, and rushes out in civilian dress.
Back at his place, Ace gets suspicious when he notices that Candy carries a gun, and asks him to name the stolen item, which of course he can't. Ace is about to shoot the P.I. when Clark crashes through the door, knocks out Candy before he knows what's going on, and gives his trademark grin when Ace tries to shoot him. Ace and Connie, now realizing who is the real Clark, threaten to reveal his identity. "And that'll put the whammy on your Superman racket, but good!" says Connie. Clark refuses to deal, but Ace says that since Superman doesn't kill people, there's nothing he can do to stop them. "I'll find a way" replies Clark, and he tells them to put on some warm clothes.
On a mountaintop, Superman is back in costume as he tells Ace and Connie (whom he has presumably kidnapped) that there's a comfortable cabin, and that he'll keep them supplied with food and wood for a fire. They'll have to stay there until he can figure out another way to keep them from talking. He warns that their lives wouldn't be worth a nickel if they tried to climb down, then flies off. Ace figures that Superman is lying both about returning with supplies and about the danger of the climb. He makes it a little way down to a ledge, and calls up to Connie "It's a cinch!" She tries to follow him, in heels. She slips, crashing into Ace, and they both fall, screaming.
Back at Apt. 5H, Candy reviews what he's learned from Clark. The mysterious stolen item has been recovered, and the guilty couple fell off a cliff. Candy says "Next you'll be telling me that I'm J. Edgar Hoover and you're Superman." Clark replies, "Could be." At that, Candy has had enough and leaves.
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