Broadway producers Tony Naylor, Al Marsh, and Jerry Ralby are having difficulty securing funds for their latest show. Then Al learns he has inherited half of a salon in Paris from his Aunt Roberta. The three men travel to France, where they attempt to stage an extravagant fashion show to revitalize the struggling business, now run by Roberta's nieces, Stephanie and Clarisse.

The Great Elmer and Company, two out-of-work magicians, help lovelorn Jerry Bronson adopt Spanky Milford, to distract him. When Bronson makes up and elopes, the pair are stuck with the little boy. But Spanky inherits a Kentucky fortune, so they head south to Banesville, where the Milfords and Wakefields are conducting a bitter feud.

Rufus T. Firefly is named president/dictator of bankrupt Freedonia and declares war on neighboring Sylvania over the love of wealthy Mrs. Teasdale.