Sky and Penny enter an air race, and it's soon discovered that the main office has been robbed and all of the receipts have been stolen. Sky suspects that one of the contestants in the race is the culprit and is using the race to make his getaway.
Four pilots for Wellman Air Freight Lines are injured in the first month of a contract for the company to carry s large payroll. In order to find out what's going on, Sky goes undercover as a security guard.
Young Jimmy Ness has recently come into, and started spending, lots of money. He won't tell his aunt where he is getting the money from, and his dad is away working at the Flying Crown Ranch. Hoodlums find out about Jimmy's money.
While Sky is training with his naval reserve unit, Penny visits friends who cruise Central America on their large sailboat. When three escaped prisoners commandeer their vessel, it's up to Sky and the U.S. Navy to rescue his niece and her friends.
When marauding coyotes begin to kill his calves, Sky hires two flying bounty hunters to kill the animals. When more dead calves are found, Sky discovers that the men he has hired are using his ranch to smuggle jewels, not kill vermin.
Young Mickey, a distant relative of Sky's, is traveling to visit the Flying Crown Ranch while his guardian is out of the country. En route, he overhears two men discuss shooting a foreign visitor and is determined to warn the man of his peril.
While visiting an amusement park on his birthday, Mickey wins a model airplane at a shooting gallery. Unfortunately, two smugglers have hidden a valuable pearl in the airplane and will stop at nothing to get it back.