Torchy Turns Turtle (1933)

One of those gangs of Arab spies who use to infest Wall Street in their colorful native costumes steals a super-secret bomb formula from Edmund Breese's safe. Naturally he blames his office boy, Ray Cooke. Breese's daughter, Marion Shockley, tells Torchy the way back into her father's graces is to join his lodge, the Turtles.... but they have rough initiations. She drives him to what they imagine is the lodge hall, which is where the Arab gang is waiting, expecting a master spy, for whom they mistake Cooke.