A businessman on the verge of bankruptcy, Mercadet, is harassed by his creditors. To keep them waiting, he invents a fictitious partner, Godeau, who has gone to make his fortune in India and who should return laden with gold. The heart of the plot is therefore this famous Godeau whom we spend our time waiting for, and who never comes. While waiting for Godeau, Mercadet has a rich idea: to marry his daughter Julie to Monsieur de la Brive, whom he believes to be very rich.
A newly hired police chief vows to clean up a notoriously corrupt police department. When he is murdered, investigators find that there is no shortage of suspects, most of them being fellow cops.
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.
Little Elmer Elephant has a crush on Tillie Tiger and his affection is reciprocated. Trouble is, the pint-sized pachyderm is beset by bullies who ridicule his trunk and make his life miserable.
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.
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).
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Have you watched Mercadet yet? What did you think about it?