The body of an unknown beautiful woman is fished out of the river and leaves the policemen wondering what drove the girl to such a grisly fate. The film then flashes back to months before, showing the torrid love affair between a young cabaret singer and a rich playboy that ultimately results in tragedy for the girl.
Confederate Col. Lafe Harvey (Earl Ross) travels home after the Civil War, where he must tell his niece, Betty (Frances Grant), that her father is presumed dead.
Peyton Wells (Ben Lyon) rescues Judy Jones (Joan Marsh) from a very dull young man, at a sedate party given for her by her multi-millionaire grandfather Silas P.
Joyce Reid, a wealthy young debutante, stows away on a cargo ship to China, carrying as passengers her dashing aviator sweetheart, Dan Bailey and and her munitions-producing father, E.
Although Larry "Buster" Crabbe earns top billing, the hero of Drift Fence is former Western star Tom Keene as Jim Travis, who, at a rodeo, meets city dweller Jim Traft, who has come west to erect a fence that will prevent Clay Jackson from continuing his cattle rustling business.