Larry Crain (Peter Cookson), a medical student on a scholarship, learns that all student scholarships, including his, have been cancelled by his school. Desperately short of cash and overdue on paying his rent, Crain goes to the apartment of Professor Stanley (Francis Pierlot), a teacher who has a sideline as a pawnbroker, though Crain is already in debt to him too. Crain pawns his father's watch for a small amount of money, but notes details in the professor's apartment, including the strong box and wall safe where he keeps his money and a heavy fireplace poker.