In a Montana railroad office run by Sam Barkeley and his son Phil, ranchers Jimmy Wakely and Lasses try to reserve some cattle cars for the Independent Cattlemen's Association, but learn that wealthy rancher Joseph Colton and his foreman, Yuma Smith, have already taken over all the available cars. When Jimmy objects, Sam tells him that he is following the orders of mine owner Gwynn Randall, the railroad's majority stockholder. Babs Turner, Gwynn's private secretary, who is also in the office, adds that because the railroad is almost bankrupt, Gwynn intends to sell her shares to Colton. When Jimmy protests that Colton will drive the small ranchers out of business, Sam suggests that Jimmy talk to Gwynn that night when she arrives in town. Later, Jimmy tries to explain to Gwynn the Association's position, but she is only interested in whether or not the ranchers can meet Colton's price. The next day, Gwynn, the Barkeleys and Colton are informed that Jimmy has put the railroad company into bankruptcy and has been appointed the receiver, meaning that the railroad cannot be sold without his approval. This maneuver allows the Association thirty days to develop a plan for buying the railroad. Gwynn is so angry that, accompanied by Babs, she rides to Jimmy's ranch and announces her intention to stay there until the matter is settled. Privately, Phil offers Jimmy money to back out of the deal, but Jimmy refuses the bribe. Later, Jimmy and Gwynn, who have formed a temporary truce, go riding. Her horse runs off, and as a joke, she takes Jimmy's horse while he chases hers. Some of Colton's men then kidnap Jimmy, but he overcomes them and rides one of their horses back to the ranch. He accuses Gwynn of setting up the ambush, but she denies his accusations. He then insists that she pay rent if she intends to stay at the ranch. When she protests that she has no money, he replies that she will have to work for the rent by cooking for the roundup. Later, Lasses tells Babs that Jimmy has guaranteed delivery of all the cattle and reveals their plans to interest a bigger rail company in buying the railroad, thus ensuring a good sale for Gwynn and access to the railroad for the small ranchers. After Colton's men stampede the cattle, Jimmy and Lasses spot Brick Donovan, one of the small ranchers, talking to Colton's men, Yuma and Dodger. Donovan is about to give Jimmy some information, when he is killed. When Dodger and Yuma accuse Jimmy and Lasses of the murder, the sheriff arrests them. Because Jimmy is in jail, the judge appoints Sam as receiver in his place, and Sam announces that he will sell to Colton immediately. Babs reveals Jimmy's plan to Gwynn, however, and she refuses to sell her shares. Declaring that he does not need Gwynn's consent, Sam rides to Colton's ranch. Meanwhile, Jimmy and Lasses escape from jail and hurry to the railroad office. Gwynn fills them in on the events, and Jimmy then forces Yuma to confess that he killed Donovan on orders from Sam and Colton, who wanted the railroad to become bankrupt. Jimmy and Lasses follow Sam to Colton's ranch, and a fight ensues. The sheriff, summoned by Gwynn, arrests the Barkeleys and Colton. Afterward, the railroad is sold, and the ranchers are guaranteed its use. Jimmy proposes to Gwynn, while Lasses and Babs pursue a romance of their own.
