Ned Raleigh, a cowboy on the Stone Ranch, is laughed at by his pal Rawhide Barton for emulating his chivalrous namesake, Sir Walter Raleigh. Manning, an eastern capitalist, agrees to make Stone a loan to pay off his mortgage if he surrenders 200 head of cattle as security; Manning, after he discovers oil on the property, conspires with Blake, Stone's foreman, to hide the stock, and thus secure the land for himself.