John Wyncote's father dies, leaving him a bankrupt business. He instructs the family attorney, Thorden, to sell the business and all of his father's other interests. One of the now bankrupt company's investors, facing financial ruin, kills himself, leaving a son and a daughter, both of whom blame the Wyncote family for their loss and vow to take their revenge on them.

A stallion known as "The Black" is the leader of a band of wild horses. A cowboy is determined to capture and break him.