A murder is committed among the rich of a small town, and all the evidence seems to point to a beautiful young woman ...

"There is something—evil about it. Queer word for me to use, Macleod, eh? They touch your elbow as you walk—ghosts! That's how I've named it the Valley of Ghosts ... Macleod, go and stay a day or so in Beverley Green and smell it yourself—something brooding ..."

The seemingly peaceful, prosperous community of Beverley Green is haunted. While certain inhabitants—the young Stella Nelson and her feckless painter-father; Mr. Arthur Wilmot, who conducts a mysterious business in the City; the aristocratic Mr. Boyd Salter; and the retired businessman Merrivan—try to hide their pasts, it turns out that nothing stays secret for long.

When, in this tense atmosphere, Mr. Merrivan is found murdered, the clues point to none other than Stella Nelson. But Stella has caught the eye of Dr. Andy Macleod, an assistant pathologist who has drifted into the profession of thief-catcher, and he is determined to solve the mystery and prove her innocence.