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).
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.
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.
A retired Scotland Yard detective, Patrick Fitzpatrick (Tom Walls) comes back to take one final case, tracking down a missing vase which has been stolen by a gang of thieves specialising in taking art treasures.