Cartoonist Rube Goldberg wrote this comedy about a bankrupt costume shop.
Ted (Ted Healy) plays checkers at the fire station, and Queenie (Francis McCoy) calls him to come over. Ted goes on the fire truck. Otto Schmidt (Charles Winninger) tells Ted that creditors are taking over his costume business and shows him his inventions to catch burglars. Ted calls Queenie a human newsreel and warns her not to tell Louise (Lucile Browne) that Otto is bankrupt. Creditor Carlson (Stanley Smith) bumps into Louise, who talks to Ted and Queenie. Learning that Carl is taking over, Lucille gets angry at him. Ted and Louise say they will rent costumes, but Otto says good-bye to costumes.
A man brings food into a cafe and asks for hot water. Gus Klein (George Bickel) shares a bottle with Otto. Drunk Otto plays trombone and staggers home. Otto tells Ted that he got a job as a waiter for Klein. Carl tells his lawyer Ferguson (William H. Tooker) to order costumes from Ted; but Carl learns that Queenie heard him and warns her not to tell Louise. Ferguson gives Ted a check. Queenie and Louise take a taxi to Klein's, but Ted gets out to join the fire truck. They pick up four women for a joy ride and drop Ted at Klein's. Louise and Queenie find Otto and leave with Ted. A customer complains, and Ted with Klein turn him out. Otto tells Klein he will get Swiss clothes from his costume shop; but he sets off his burglar invention, causing water to wake Louise, who gives him the costumes. Ferguson gives Ted another check. A general demands a uniform. Men crowd into the dressing-room for uniforms but run when a child pops a balloon.
Ted asks Queenie and then Louise to the firemen's ball. Carl tells Ted he likes Louise, and Ted tells him to wear the same costume so they can switch at the ball. As a clown Ted sings "You Can Only Wear One Pair of Pants at a Time." Three brothers (Three Stooges) do comedy with Ted and slap each other. Carl with a mask asks Louise to dance; but she sees Ted dancing with Queenie and leaves Carl. He runs after her, upsetting a birthday cake that starts a fire. The fire truck goes to a steam cleaner, and then they fight the fire at the Schmidt Costume Co. Ted saves Carl twice and Louise. Carl tells Otto that he insured the shop in Otto's name, and the two couples hear wedding bells.
This comedy relieves the strain of bankruptcy early in the Depression with humor and the generosity of a young man in love. Contrived inventions called Rube Goldbergs are demonstrated.