Tony sets up a shipping magnate into thinking he is working for his rival and that they are on the trail of some treasure. The treasure is contained within a ship that is part of a fleet of ""worthless"" U.S. Navy ships.

""The Cat"" takes a pearl necklace that Tony has just taken, so he sets out to skin ""The Cat."" The plot is to help him steal a large diamond, by switching in a fake when it's delivered.