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Both Craig McCoy (John Wayne) and Jean Gregory (Dorothy Gulliver) survive the crash into the Water St. building. Major Evans (Richard Tucker) of the Evans Aero Corp. still believes that Jean knows the whereabouts of her father, Nathan (Edward Hearn), and suggests calling the police. Using subterfuge, Craig ushers Jean out of the room but instead of escaping, the girl is kidnapped by a masked man. Craig takes up the chase on motorcycle and is able to catch the mystery man, who proves to be Clark (Edmund Burns) of the factory board. Denying that he is The Eagle, Clark is about to reveal the identity of the real mastermind when shot and killed by a hidden assassin. To protect Craig and Jean, Kelly (Ernie Adams), the carnival barker, confesses to the killing. Craig, meanwhile, follows a real suspect, Gardner (Roy D'Arcy), to the top of the carnival Ferris wheel. A struggle ensues and as chapter three concludes, Craig is seen plunging to the ground.