When Niles, the crooked banker in the town of Apache Junction, learns of a rich molybdenum deposit on the Circle R ranch owned by Roy Rogers, he decides to foreclose on the cattleman's mortgage. As Roy deliberates how he will get the money to pay Niles, his two pesky sidekicks, Gabby and Chuckalla, discover gold on the Circle R. Deciding to turn to his father's old friend, cattle tycoon Roger Hammond, for help in financing the mine, Roy and his sidekicks hop a train bound for New York City. However, Hammond proves difficult, and his daughter Peggy agrees to act as an intermediary between Roy and her irascible father. Meanwhile, Tony McGrath, Hammond's horse trainer who is working as a spy for his boss's business competitor, Bainbridge, reports Roy's offer. He then hires some thugs to eliminate the cowboy, and in the ensuing melee, Roy, Chuck and Gabby are jailed. After the ore sample that Roy brought to Hammond proves to be molybdenum, the cattle tycoon changes his mind about the cowboy, bails the threesome out of jail and proposes a business partnership. The new Hammond Company thus begins to issue stock, threatening to put Bainbridge's company out of business. As the Hammond Company grows rich in its stock offering, Gabby has an attack of conscience and admits that he salted the mine. Roy, followed by Hammond, rushes back to the Circle R, where they discover a geniune deposit at Skeleton Canyon. Niles, desperate to prevent Hammond from paying back Roy's loan, has Peggy and her father hijacked on the way to town. Roy then confronts the traitorous McGrath and beats a confession of Niles's duplicity out of him. All ends well as Roy and his sidekicks ride to the Hammonds' rescue, and the ranch is secured and the company's success, insured.