Two years after graduating from the Virginia Military Institute, Bing Edwards is being considered for the job of head coach at his alma mater. Because his father is on the hiring committee, the fast-talking, free-spending Billy Randolph is certain that he can win his old friend Bing the job and, consequently, summons Bing, his wife Kate and son Commencement to New York. They are to stay with Kate's uncle, John Harper, the wealthy owner of International Airways. Bing arrives just as Uncle John is leaving on a business trip for Washington D.C., and he gives Bing money to pay for a C.O.D. package, which he asks Bing to send to Washington. Bing has come without his wife and son because Commencement swallowed a diamond ring on the trip and is being detained until he "returns" the ring. Billy talks Bing into using the C.O.D. money to pay for the ring, only to discover later that the ring is worthless and they can not get their money back. Next, Billy hocks Uncle John's priceless Stradivarius violin to pay for the cab ride after a night out on the town with his sweetheart, Joyce Winfree, and his old roommate, Dan Crawford, and his girl friend, Claire Terry. Billy then loses Bing the coaching job by sending fake telegrams to the hiring committee, endorsing Bing for the job. Misfortune visits Dan when Commencement destroys some illustrations and he is fired from his job. A relentless Billy comes to their rescue by selling Joan's ticket to Hawaii to pay for the C.O.D. package and the violin. Just as all their problems seem resolved, Commencement breaks Uncle John's priceless ship's model, Claire's father orders her home, and Commencement sets fire to the Harpers' apartment. When all seems lost, Billy stows Commencement aboard Uncle John's new Peru-bound plane as a goodwill gesture, and the resulting publicity wins them all a job at the airline.