Gangsters drive into an alleyway, look around, and then dump off a dead man behind some crates. Nathan Edward Bledsoe, a bum, is sleeping on the fire escape above. He wakes up and stumbles down, and sees the corpse. After checking for a pulse and figuring the man is dead, he goes through the pockets and takes the man's keys. He then strips off the corpse's expensive shoes and puts them on. He hears a siren and quickly runs off down the street. Two other bums, Sam and Chips, approach him and figure he's had some kind of windfall. They want in on it but Nate walks away from them, then pauses by a mirror weight machine and looks at his reflection. The two men try to stop him and he brusquely tells them to leave off and then continues on his way.
Nate goes to an expensive penthouse building and walks in as if he belongs in the place. The keys he took from the corpse open the door and Nate goes inside to find a woman, Wilma, playing solitaire. She's expecting Dane but doesn't recognize Ned. He starts drinking Dane's booze and Wilma warns him that Dane won't like it. Ned calls her by name and tells her to stay put, then goes into the bedroom and changes into Dane's clothing. He gets out Dane's guns and shaves, while Wilma tries to call Dane on the phone. She can't get through to him and tells the man at the other end to send Dane over when he arrives. Nate takes off the shoes and goes back to normal, wondering where he is. Wilma holds him at gunpoint and demands to know where Dane is. She recognizes the shoes and demands to know where Dane is. Nate pleads ignorance and Wilma tells him to put on the shoes and get out. As soon as Nate does, Dane takes over again and removes the gun from her hand. He sends her out to make his drink, demanding the usual. He knows what Dane drinks and then kisses her, and she starts to recognize him. Crying, she tries to leave and he casually slaps her, then tells her to stay there until he gets back.
Nate goes to a club where gangster Dagget is with his friends. Nate loudly orders his usual and looks smilingly at Dagget. Dagget, recognizing the drink and Dane's shoes, tries to figure out who Dane is but none of his men recognize him. Dagget has Nate brought over, and Nate tells him he has a private message for him. Dagget takes him into his office and has his men search him. They find his holster gun and take it, then leave the two men alone. Nate comments that Dagget got the blood stains out of the carpet, and then talks about how one partner tried to eliminate another. Nate then pulls out a second gun from an ankle holster and prepares to kill Dagget. He turns and kills one of Dagget's men behind a hidden panel, saying it won't work a second time. However, Dagget's other man is behind a second panel and shoots Nate down. A dying Nate tells Dagget that he'll keep coming back until he gets him.
Dagget and his men dump off Nate in an alleyway. Once they're gone, Chips spots Nate's body and figures he's drunk. He takes Dane's shoes off and puts them on, and the cycle begins anew.
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