At a miniature golf score a diplomatic courier named McWhorter seeks his contact. He follows an elaborate set of clues and a voice over the P.A. only to become trapped in quicksand. The voice demands the location of some valuable bonds. As the courier sinks deeper into the sand, he decides to reveal the location for his freedom. Later at Commissioner Gordon's office, Gordon confers with Batman about the theft of the bonds.
Batman believes that "The Interrogator" Josiah Wormwood is behind the crime. Wormwood specializes in the use of death traps to get information out of victims. Batman decides to visit one of Wormwood's known associates, a con-man named Jozek also known as "The Baron". At a fund raising banquet Batman nabs the Baron. Hanging him high off the ground, Batman interrogates the Baron and then releases him. Later the Baron meets with Wormwood and asks Wormwood to acquire Batman's cape and cowl. Wormwood is intrigued and accepts the deal.
Later Gordon signals Batman with the Batsignal. Gordon gives Batman a letter from Wormwood. The letter leads Batman to a train where Wormwood traps him. Outside is a woman on the tracks about to be hit by the train. Wormwood says that he will let her go if Batman gives him his cape and cowl. Batman refuses. He squeezes out of the train and tries to save the girl. When he touches her, he realizes that she is only a hologram. Batman examines to train, but misses Wormwood as he drives away.
After conferring with the Baron, Wormwood leaves another clue. It leads Batman to a wax museum. At the museum, Batman is again trapped. He is locked in a room where overhead a twenty thousand watt bulb begins to heat the room. Batman tries to escape, but doesn't make it out of the skylight. He manages to destroy the lamp, but the lamp's destruction releases a toxin gas into the room. Batman surrenders his cape and cowl after the gas is vented. His face is not revealed, however. He wears another mask under his cowl.
Later Wormwood gives the cape and cowl to the Baron. He asks the Baron why he wanted the cape and cowl. The Baron, however, insists that Wormwood tell him what he did with the diplomat's bonds and why they were stolen. Wormwood gives the Baron the information, but the Baron takes off a mask and reveals himself to be Batman. Batman captures Wormwood and takes him to the police. Later, Gordon tells Wormwood that he has been fingered by his associate in the bonds crime. He leaves Wormwood with a gift from Batman: his cape and cowl.