When Hugh Blaine bets $50,000 that all four hooves of a racehorse are off the ground at once, he agrees to pay Bat 10% of the bet to supply proof. Bat hires a man to take photographs of the trotter in action, but the pictures are stolen.

When two speculators try to corner the stock market by sending former Pony Express riders racing from the mining towns to Denver with the latest information, Bat helps his friend counter the move with by sending news by carrier pigeon.

After Bat's good friend and railroad tycoon Hugh Blaine is conned in a complex land and cattle swindle, Blaine hires Bat to get his money back and bring the crooks to justice. However, Bat ends up digging his own grave.

Working again for his friend Hugh Blaine, Bat is hired to investigate the theft of barbed-wire fencing that prevents cattle from climbing onto a railroad's right-of-way. Question is whether Bat wants to tackle the five to one odds.