When architect Dagwood Bumstead convinces bank president Samuel Breckenridge to consider employing his firm to build a new bank building, Dagwood's boss, George Radcliffe, rewards him with a two dollar and fifty cent raise. After Dagwood telephones his wife Blondie with the good news, her friends, who are meeting at the Bumstead house to plan a class reunion, conclude that Dagwood's raise is $250. When the reunion committee, Paul Madison, Blondie's high school suitor, and the gossipy Cynthia Thompson, blithely suggest that Dagwood underwrite the class dinner at an expensive restaurant, Blondie agrees in order to uphold Dagwood's honor. Upon learning of Blondie's pledge, Dagwood, desperate to raise the $400 for the dinner, invites racing handicapper Pete Brody to his office for a consultation. When Breckenridge discovers Dagwood's interest in gambling, he abruptly cancels his plans to erect a new building. Furious, Radcliffe then fires Dagwood. To help pay for the dinner, Blondie earns $200 making womens' hats. As the day of the event arrives, Dagwood, still shy $200, wanders into a gambling parlor, where he meets a little old lady who advises him how to bet. By mistake, Dagwood wagers Blondie's $200 on a horse. Just as Dagwood's horse wins, the police raid the gambling parlor. While helping the old lady escape, Dagwood is apprehended by the police. As time for the dinner nears, Blondie begins to worry about Dagwood's disappearance. Meanwhile, Dagwood, locked in a jail cell, has summoned Radcliffe to post his bail. Upon arriving at the jail, Radcliffe is pondering whether he should bail out Dagwood when Breckenridge appears and pays Dagwood's fine. At Breckenridge's side is the old lady from the gambling parlor, whom he introduces as his wife. After explaining that Dagwood saved the family from scandal by helping Mrs. Breckenridge escape, Breckenridge, in gratitude, offers Radcliffe the building contract contingent upon his rehiring Dagwood. Realizing that he has the upper hand, Dagwood insists that Radcliffe pay the cost of the dinner as part of the deal. Rushing to the restaurant, Dagwood arrives just in time to pay the bill.