Based on Gene Fowler's play, two hobos find counterfeit money at the train station, and one helps a woman get a ticket to Salt Lake City.
At Union Depot scruffy Chick Miller (Douglas Fairbanks Jr.) and Scrap Iron (Guy Kibbee) are looking for a meal. Chick steals a coat and information hat but loses them in the washroom while a drunk (Frank McHugh) talks about the war. Chick picks up a suitcase, cleans up, and puts on a fine suit, finding a bankroll in the pocket. Chick has dinner, meets Ruth (Joan Blondell) and takes her for a walk. In a room at the Depot Hotel he orders her dinner and gives her a drink. Ruth needs $64 and puts on music. When he kisses her, she cries. Chick gets angry and slaps her for pretending to be what she is not.
A baron (Alan Hale) checks a violin case and loses his wallet. The pickpocket throws it out a window, and Scrap Iron finds it. Ruth tells Chick her hard-luck story. She is afraid of Dr. Bernardi and shows Chick a telegram she has a job in a Salt Lake City show; but the ticket is $64. Chick offers to play Santa Claus. Chick gives Scrap Iron some money, and Scrap Iron gives him the claim check. Chick gets the violin case while the baron is on the phone and finds it full of money. Chick buries the case in a coal bin and tells Scrap Iron to guard it. A lame Dr. Bernardi (George Rosener) is watching Ruth. Government agent Kendall (David Landau) is looking for a counterfeiter meeting #6. Chick gives Ruth money for a dress and goes to buy her ticket; but the berths and drawing rooms are sold out. A porter gives Ruth a drawing room ticket. The baron sees Chick drop a money band. Ruth goes in the drawing room and screams. A saleslady suspects the money, while the baron tries to stop Chick. Ruth says it was Dr. Bernardi, but he flees and is hit by a train. Kendall arrests Ruth and Chick for phony money. Chick admits he was in jail for vagrancy and tells what happened to clear Ruth. He won't show them the hidden money unless they agree to let her go.
Chick leads agent Parker to the coal bin; but the baron shoots Parker and takes the case. Chick chases him as they climb on trains and jump off. They fight until a policeman stops them. Chick sees Kendall and Ruth; but Kendall finds coal in the case. They discover Scrap Iron drunk and find the money. Kendall arrests him and the baron. On the phone Parker tells Kendall that Chick was great. Kendall apologizes to Ruth and releases Chick and Scrap Iron. Chick gets on the train with Ruth, who says he is a gentleman. Chick kisses her good-bye and gets off the train, telling Scrap Iron he was a gentleman for a day.
Various people are seen at the station; but the story focuses on the crimes of stealing, counterfeiting, sexual assault, and attempted murder.