Watt O'Hugh, famous dime novel hero, resides in the back room of a saloon somewhere in the American West, where he earns his keep by punching customers who need punching. Until one day, when a New York theatrical agent brings a surprising proposition from J. P. Morgan: a contract for "Watt O'Hugh's Wild West Extravaganza" to open at New York City's Hippodrome Theater. But is the offer what it seems, or does it hide a more insidious plot?