THE SHADOW OF THE EAGLE (1932)--a colorized 12-Chapter serial on one video.

Colonel Nathan B. "Skipper" Gregory, a former World War I ace pilot, is the owner of a travelling carnival that has fallen on hard times. Only the money brought in by Craig McCoy, the carnival stunt pilot, keeps the carnival from closing. Jean Gregory, Colonel Gregory's daughter, works with Craig as a wing walker and parachutist.

A mysterious pilot, the legendary "Eagle", thought to have been shot down by accident by his own squadron and killed in the war, attempts to sabotage the Evans Aero Co., a large corporation. He sends threatening messages to the company's five directors by skywriting the date that the "Eagle" was shot down: May 23, 1918. Gregory is thought to be the Eagle because he has a grudge against Evans Aero, which stole his plans for a radio-piloted aircraft. Suspicion also falls on McCoy, who is also skilled in skywriting, and had left the message about the "Eagle" after being paid by an anonymous source.

Craig suspects that the "Eagle" is Mr. Green, a director of the corporation, a pilot who flew in the same squadron as the "Eagle", and the likely culprit who stole the plans to Gregory's invention. When confronted, Green escapes and teams up with two compatriots, Tim Moore and Boyle, but Craig grabs the plans and rushes back to the carnival to show Jean.

Gregory, who is confined to a wheelchair, tries to hide from the authorities. Someone steels Craig's aircraft and tries to burn down the carnival. Hoping to prove her father's innocence, the pair then learn of Gregory's disappearance, captured by the henchmen of the "Eagle". A murder occurs at the corporation and Gregory is again implicated.

Jean still thinks that her father is innocent and with Craig, escapes death on many occasions, fighting with gang members, as they go after the real "Eagle". Craig enlist the aid of the carnival's midget, strongman, and ventriloquist to track down the criminal. Craig unmasks the evildoer (Green) and brings the ordeal to an end.