In London, August 1914, Austrian star Elsa Duranyi (Gertrude Michael) and English matinee idol Alan Barclay (Herbert Marshall) are in love and plan an immediate marriage.
Carrie Snyder is a prostitute, who is forced out of the fictional southern town of Crebillon, after forming a friendship with a young boy named Paul, whose dying mother is unable to protest against her son visiting such a woman.
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).
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.
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.