Pollack, an underworld gambler, is murdered, but before he dies he hides $50,000 that he just won gambling in a newspaper and kicks it under a car. The next day Sach and Slip are walking in the street and find the paper and the cash. Gabe, who is a reporter, runs a story on them finding the money and the gangsters that Pollack won the money from come looking for them. One by one they take the money from the boys and are immediately killed by the mysterious "umbrella". Eventually the boys get tired of having the money taken from them and people dying around them so they hand the money over to the police. The "umbrella", not knowing that they boys no longer have the money, comes to collect it from them and is captured by the police who were staking the boys hideout waiting for the killer.
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