Roy Rogers travels back east with his old friend Gabby (Hayes) and Chuckawalla (Hatton) to try to raise funds to help pay off his mortgage. Unknown to Roy, his ranch is filled with a rich mineral deposit called Molybdenum, which has many profitable uses. A criminal Wall Street stock cartel knows of the deposit, and tries every swindle they can to obtain the property by foreclosure, including blocking any attempts Roy makes to acquire a loan. As a last resort, Roy turns to a former enemy named Hammond (Watkin) for help. Roy sings several songs in this film.