At night, Lois and Jimmy, acting on an anonymous tip, enter a factory and see giant toys on either side of them even as Lois speculates that this could be the new headquarters of the villain Toyman. A giant alligator toy "swallows" the two and they go down a chute and into the clutches of the Toyman. The Toyman relates that he was the tipster so to keep Superman from interfering and takes them to the building's roof.
At the Daily Planet, Clark is notified by Perry of Lois and Jimmy's absence just before strange sounds interrupt the talk. Clark changes into Superman and takes on a flying top that is destroying whatever it comes in contact with. Superman stops the top of a building that is sheered off from causing any damage and tosses the top into the river to try and destroy it.
Elsewhere, as an ocean liner prepares to launch, a flying top enters the area and blinds everybody with light emitting from it. Superman destroys the top with a single punch. In downtown Metropolis, a giant calliope is wheeled into position by crooks and starts emitting a high pitched sound that causes buildings nearby to crack dangerously. Superman is told by a nearby cop that robbers looted stores during the panic and Superman deduces that Toyman must be behind the recent incidents and thefts.
Superman uses his vision powers to figure out Toyman's hideout and after alerting the police as to the location, Superman bursts through a wall to attempt an arrest of the crooks. Toyman shows an army of toy soldiers and tanks nearby that are poised to fire real bullets and Lois and Jimmy are locked in a tank though which one Superman can't deuce due to the lead composition of the tanks. Superman is told to leave unless he wants his friends blasted but Superman stops the toys from hurting anybody and rescues Lois and Jimmy. The Toyman and his gang are captured by the police and Clark writes the article for the Planet, to the annoyance of Lois.