Roy Rogers, a horse dealer and a peddler of leather goods, is hoping to mate his mare named "Lady" with Golden Sovereign, a stallion owned by rancher Gabby Kendrick (George "Gabby" Hayes). Kendrick refuses, preferring to mate the stallion with his own stock. Brett Scoville (Jack Holt), a wealthy rancher and nightclub owner, wants to mate the stallion with his mare, as well, and to that end, steals the stallion. Golden Sovereign breaks free, finds Lady, and has a romantic interlude with her in the hills.