In this full-cast production of the classic pulp novel, The Shadow investigates as, one by one, the partners in a chemical company die mysterious deaths.

The plot of Partners of Peril and much of the action is almost identical to "The Case of the Chemical Syndicate", the very first Batman story in Detective Comics #27, which appeared some years later. In fact the creators of Batman acknowledged they drew their inspiration for the Caped Crusader from this classic Shadow story.