Lombardy is an aerial acrobat working on a production for Mr. Wyngold's film company. He experiences a fatal fall from a trapeze. Detective Speed, Richy the Amazing Boy, and Rang-a-Tang rush to his side. The circus performer states that he is dying, but that he would return. Richy discovers that someone intentionally cut the trapeze wire, which caused Lombardy's death.
The circus ringmaster, The Major, threatens to have all his performers quit, but Detective Speed convinces the performers that the show must go on.
Richy investigates by walking to the tent of the deceased. Rang and Richy find the tent ransacked. Rang-a-Tang attacks a man with a gun observing the pair. It turns out to be Professor Silex who runs a wax figure display of famous murderers. Silex informs them that Lombardy went searching for a little tube of significant value. While speaking with Silex, the trio of investigators see a knife strike one of the wax dummies. Rang and Richy run after the assailant, tumbling into The Major.
After the Major leaves in a huff, Detective Speed wishes to interview him. They go to his tent to find him dead from poison someone had placed in his water glass. HY Speed once again tells the circus performers to disperse, which they do. Excepting Shrimpo Shires, a circus midget, who is friends with an elephant. While talking to Shrimpo, Hy notices the elephant reaching to pull a button off of the performer's pants and throw it into a nearby pile of straw. Shrimpo explains that the elephant often reaches into the back pockets of people and tosses what he finds into the pile of straw. Hy goes through the straw to discover Lombardy's missing tube.
Taking the tube, Detective Speed returns to the wax feature and puts his clothes on one of the dummies, placing the tube in its hands. He hides behind the displays and waits until a figure wearing Lombardy's skeleton costume walks in carrying a rifle. Hy confronts the figure, who fires at him and grabs the tube. Ricky and Rang run down the gunman and tackle him, revealing that it is Shrimpo Shires. Shrimpo thought the tube contained valuable radium, but it proved to only be a tube of glowing makeup.