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.
Frankie Reynolds (Frankie Darro' ), youngest member of a family of jockeys, borrows $4.85 (yes, four dollars and eighty-five cents) from his sister Phyllis (Gladys Blake), who is not a jockey, to buy a crippled colt from the stables owned by Clay Harrison (Kane Richmond).
Chet Kasedon is after the Indians hidden gold mine but Chief Moya will not reveal it's location. He has also hired mining engineers Gale and Mortimer to locate the mine.
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.
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.
Paddy O'Riley and Ossie Merrill, Bellport high school football heroes, enroll in distant colleges; Paddy at a small school in the East, where he is barely a substitute, and Ossie at a powerhouse-football school, where he is an instant star and all-American candidate.