A bored sultan threatens to chop off his jester's head unless the jester and his performers can entertain him.
Steve Raleigh wants to produce a show on Broadway. He finds a backer, Herman Whipple and a leading lady, Sally Lee, however his wife Caroline Whipple forces Steve to use a known star, not a newcomer. Sally purchases a horse she used to train when her parents had a farm before the depression and with two ex-vaudevillians, Sonny Ledford and Peter Trott she trains it to win a race...
Bill Miller is an unsuccessful Broadway performer until his handlers convince him to enhance his act with a stooge - Ted Rogers, a guy positioned in the audience to be the butt of Bill's jokes. But Ted begins to steal the show. Bill's girlfriend and his pals tell him to make Ted an equal partner. Complications occur, while Bill sings and Ted gets the laughs.