A valuable thoroughbred is kidnapped. Swindlers doctor the medical records of a racehorse they plan to sell for more than it's worth.
A race horse owner sells his Triple Crown winner, Top Purse, to an unsuspecting buyer, Big John Wabash, for $7 million. But before Wabash can find out that the horse is sterile, the owner tries to set the stable on fire and destroy the horse.
Meanwhile, Deputy Birdie rescues the horse and then loses it. Lobo, as usual, tries to cash in and make a fast buck, but his plan too backfires!
Lobo and Perkins, in another attempt to make big money, try to breed horses, not knowing that the stud they got is sterile.
Unscrupulous owner Col. Clayborne sells his sterile racehorse, Top Purse, to someone who intends to use it as a stud for $7 million.
Before the trick could be discovered, Clayborne orders some of his goons to set fire to Top Purse's stable. Fortunately, Perkins saves the animal and, together with Lobo, plans to start a breeding business.
But Birdie, who is suspicious about the fire, manages to find the certificates of sterility.