Ordered out of town by angry Judge Beaumont, vagrants Stanley and Oliver meet a congenial drunk who invites them to stay at his luxurious mansion. The drunk can't find his key, but the boys find a way in, sending the surprised woman inside into a faint.

On the night before he sails in search of the steamship Arcadia's sunken gold, Paul Sinclair (Bruce Bennett)meets Madeliene Nielson (Anita Louise) in a San Francisco nightclub. On the second day at sea, Madeliene turns up as a stowaway. While diving and searching for the sunken gold, off the Phillipines, Paul discovers that a foreign-country submarine has been laying mines in order to completely cut off the Phillipines from American protection.

Street musicians Stan and Ollie have no success earning money in the dead of winter in a bad neighborhood. Their instruments are destroyed in an argument with a woman, but their luck seems to turn when Stan finds a wallet.

First, Ollie can't find his hat. Then he and Stan attempt to install a rooftop radio antenna.