New York City. July 23, 1934. The Underworld, which had long made big money by covering bets on horse races, wants to get their hands on a new invention-- the racewire, which can speed the results of horse races to bookmakers everywhere.  That rainy night, Michael Barrigan and Frederic Withers (who, along with their partner Douglas Barrows, own and run the Trans-Pacific News Service) receive an urgent call from Barrows-- but Barrigan finds Barrows dead in a bookie joint (the back room of Hayes florists) when he gets there.