Steady, dependable Coast Guard Lieutenant Raymond "Ray" Dower and reckless aviator Thomas "Speed" Bradshaw are the closest of friends. Ray saves the life of Captain Tobias Bliss, tramp steamer skipper, in a daring rescue at sea. Speed flies the injured man back to the base hospital, where the two officers later visit him. There Ray meets Nancy Bliss, Bliss' grand-daughter, and falls in love with her. Speed meets her at a dance and urges Ray to propose before some other guy does. Ray is assigned to flood rescue duty, and Speed and Nancy start going out together and discover they are in love.

When news reporter Walter Garrett arrives at the hotel room of bombshell actress Angela Merrova to conduct an interview, he finds her dead from multiple stab wounds. He returns with the police to find the hotel empty and the body vanished. Garrett writes about the incident but is fired when Merrova, alive and well, goes to the paper to complain. Now his only chance to get his job back is to find the truth, which involves the grisly scheme of a madman.

An heiress takes a job as a department store clerk.

A mobster's moll leads a newsman, cub reporter and photographer to a scoop.

Bickering husband and wife Tim and Sally Willows mutter a few angry words to a statue who grants their wish and they wind up living each other's life.

Moe is on trial for assaulting Curly and Larry with an ax. Moe relates how Curly and Larry took him on a hunting trip for his nerves. Out in the woods they confronted a bear which Curly and Larry stunned, and thinking it was dead, threw it in the back of their car, where it came awake, tossed Moe out and drove the car into a tree. The judge finds Moe not guilty and Moe promptly goes after Larry and Curly again with the ax.