“THE PRESTON GAMBLING RACKET.” Superman investigates the mysterious Preston Club, after a suicide jumper he saves tells him he had lost his entire life’s savings there!
Superman: When Superman saves a man trying to commit suicide by jumping off a bridge, he discovers that the man has lost everything gambling at the Preston Club. Clark visits the mayor of Metropolis to try to get him to shut the club down, but when Clark and the mayor visit the club, they find no gambling. Later, Superman overhears the mayor phoning Preston and revealing that he is in Preston's pay and tipped them off about Clark's visit.
Lois dresses up as a wealthy socialite and gets into the Preston Club undercover, where she discovers the gambling equipment. After she loses heavily, she reveals that she has no money. Searching her purse, Preston's thugs discover her reporter's card and force her to drink a liquid which gives her amnesia, so she forgets everything she has seen in the club.
After Superman disposes of a couple of thugs sent by Preston to kill Clark, he returns to the club where Lois sees him changing back into Clark. However, Lois is still under the influence of the drink, and when Superman uses hypnosis to restore her memory, she still can't remember anything since she took the drink, so his secret is safe.
Later, we discover that Clark has a laboratory in his house, and he has invented a Krypto-Raygun, which is an advanced camera. Superman returns to the Preston Club where he snaps pictures of the gambling equipment before breaking in and demolishing the equipment. Preston escapes and goes to the mayor's office, where the mayor has a change of heart and decides to expose Preston. Preston kidnaps the mayor and Lois (who was also there) and puts them in a car which drives over a cliff. Superman saves them and captures Preston.