Snake Hogan and Squire Skimp scheme to buy the Jot 'Em Down Store for $2,000 cash, plotting to swindle Abner into investing the payout right back into silver mine stock.
Lum and Abner harmonize on "They Cut Down the Old Pine Tree" with Grandpap and Cedric—a four-voice showcase by Chester Lauck and Norris Goff—while Squire Skimp outlines plans for an exclusive country club.
Silver mine fever takes over Pine Ridge as Squire Skimp convinces Lum to adopt a flashy new wardrobe and reinvest his commissions into mine stock to prepare for high-society life.
After a week of being bossed around at the Jot 'Em Down Store, Lum quits and agrees to join forces with Squire Skimp. Despite warnings from Dick Huddleston and an attempted apology from Abner, Lum takes the bait the moment Squire promises to make him president.
After his movie theater burns down, Lum takes a low-paying job working for Abner—only to face constant bossing and gloating. Despite warnings from Dick Huddleston to go easy, Abner pushes Lum too far, driving him to quit and team up with Squire Skimp.
With Lum nowhere to be found, Abner, Dick, and Grandpap face an intimidating jury as Squire Skimp takes the stand to present his side of the story. Just when things look worst for the Pine Ridge storekeepers, Lum rushes into court with explosive new evidence from the insurance agent.
With the court date looming, Lum attempts to practice his legal vocabulary while Dick catches up on Abner's contract blunders. Facing disastrous odds after accidentally spilling their defense to Squire's lawyer, Lum makes a desperate phone call to settle out of court.
Lum reviews the disastrous contract Abner signed before laying out their entire defense to a visiting lawyer. There’s just one major catch: the attorney isn't theirs—he's representing Squire Skimp!
After getting arrested for breaking into Squire Skimp's house, Abner is eager to put the legal trouble behind him. But when Squire offers a contract to drop all charges, Abner signs without reading the fine print—handing Squire exactly what he wanted all along.
Squire Skimp threatens to take over the movie theater unless Lum and Abner hand over a partnership. When an incriminating letter surfaces, Abner and Grandpap hatch a desperate plan to break into Squire's house and steal it back.