The story begins with Butch Cronin considering a high-reward job offered by a wealthy steamship owner, seeking his missing daughter. However, his plans are interrupted by his old acquaintance, Smoky Slade, who brings troubling news about a series of mysterious disappearances from a local flophouse. Butch decides to investigate, suspecting something sinister behind these vanishings.

As the investigation deepens, Butch and Smoky discover that the flophouse, managed by Big Joe Daley, might be a front for a more nefarious operation. They learn that men who rented a particular room have disappeared without a trace, raising suspicions of foul play. Cronin's gritty investigation leads him through the shadowy corners of the city, uncovering a disturbing network of secrets and lies.

The climax of the story occurs when Cronin, disguised and infiltrating the flophouse, witnesses firsthand the eerie disappearances. After a harrowing encounter, he unravels a shocking conspiracy involving body-snatching and illegal activities tied to the city's dark underbelly. The resolution sees Cronin exposing the culprits and bringing them to justice, though not without personal cost and a deeper understanding of the city's corruption.