Huckster showman Jim Fisk (Edward Arnold) and his faithful partner, Nick Boyd (Cary Grant), become wealthy smuggling cotton during the Civil War, but when they lose their money, the pair move to New York City and establish themselves as stock speculators.
Because the unemployed James cannot afford Christmas presents for his children, he tells them that Santa does not exist; they're shocked at first, but then suddenly Santa Claus is at the door.