A cowboy discovers that his stock is all but worthless due to the bankruptcy of a ranch owner. The supposedly worthless stock certificate bears the name of waitress Joan Meredith's long-lost father, who suddenly reappears to save Cody from ruin.
Bill Crane is a fun-loving cowboy who likes to play pranks with an Australian bull-whip, much to the dismay of his ranch-owning uncle, Pete Perry. Bill and his cousin, Jack Perry, compete for the affections of Mary Pinkleby. Jack, unknown to Bill, is also an outlaw gang-leader, known as Poncho. The latter frames Bill as being the gang leader, and now Bill has to elude the sheriff and also prove his own innocence.
